Angels Portfolio, Series 2019-2Q Bulldog Portfolio, Series ... · 90 WBA Walgreens Boots Alliance,...

Angels Portfolio, Series 2019-2Q

Brand Favorites Focus Portfolio, Series 2019-2Q

Bulldog Portfolio, Series 2019-2Q —A Cyrus J. Lawrence LLC (“CJL”) Portfolio

Cohen & Steers Real Estate Income Strategy Portfolio, Series 2019-2Q

Global Dividend Strategy Portfolio, Series 2019-2Q —A Hartford Investment Management Company (“HIMCO”) Portfolio

Global Technology Portfolio, Series 2019-2Q

Inflation Sensitive Dividend Portfolio, Series 2019-2Q —A Hartford Investment Management Company (“HIMCO”) Portfolio

NASDAQ Q-50 IndexSM Portfolio, Series 2019-2Q

Strategic High 50t/Q-50 Dividend and Growth Portfolio,Series 2019-2Q

Todd International Intrinsic Value Portfolio, Series 2019-2Q

Transformers Strategy Portfolio, Series 2019-2Q

(Advisors Disciplined Trust 1934)

Prospectus

April 10, 2019

As with any investment, the Securities andExchange Commission has not approved ordisapproved of these securities or passedupon the adequacy or accuracy of thisprospectus. Any contrary representation isa criminal offense.

ANGELS PORTFOLIO

INVESTMENT OBJECTIVE

The trust seeks to provide above averagetotal return primarily through capital apprecia-tion. There is no assurance the trust will achieveits objective.

PRINCIPAL INVESTMENT STRATEGY

The trust seeks to provide total return, pri-marily through capital appreciation, by investingin a portfolio of stocks of companies that we*believe have strong fundamentals. Despite thecurrent state of the economy we believe there arealways stocks of companies that are mispricedbased on their current fundamentals and theirfuture outlook. We believe that this provides foropportunity as the markets begin to recognizethese companies’ implied value. The portfoliowas selected using the following strategy:

• We began with the stocks in the S&P 500and S&P MidCap 400 indices.

• We then eliminated stocks that have hadbelow average revenue growth over thepast year.

• We then eliminated companies with a largerthan average debt to equity ratio and belowaverage cash flows.

• We selected the final portfolio by choosingstocks whose current valuation is attractiveconsidering their potential to achieve aboveaverage revenue and earnings growth over thenear term.

PRINCIPAL RISKS

As with all investments, you can lose moneyby investing in this trust. The trust also mightnot perform as well as you expect. This can hap-pen for reasons such as these:

• Security prices will fluctuate. The value ofyour investment may fall over time.

• An issuer may be unwilling or unable todeclare dividends in the future, or mayreduce the level of dividends declared. Thismay result in a reduction in the value ofyour units.

• The financial condition of an issuer mayworsen or its credit ratings may drop,resulting in a reduction in the value of yourunits. This may occur at any point in time,including during the initial offering period.

• The trust may invest in securities of smalland mid-size companies. These securities areoften more volatile and have lower tradingvolumes than securities of larger companies.Small and mid-size companies may havelimited products or financial resources,management inexperience and less publiclyavailable information.

• We do not actively manage the portfolio.Except in limited circumstances, the trust willhold, and continue to buy, shares of the samesecurities even if their market value declines.

* “AAM,” “we” and related terms mean Advisors Asset Management,Inc., the trust sponsor, unless the context clearly suggests otherwise.

2 Investment Summary

WHO SHOULD INVEST

You should consider this investment if you want:

• to own a defined portfolio of stocks selectedbased on historical quantitative andfundamental screens.

• to pursue a long-term, growth-orientedinvestment strategy that includes investment insubsequent portfolios, if available.

• the potential for capital appreciation.

You should not consider this investment if you:

• are uncomfortable with the risks of anunmanaged investment in common stocks.

• are uncomfortable with the trust’s strategy.

• seek current income or capital preservation.

ESSENTIAL INFORMATION

Unit price at inception $10.0000

Inception date April 10, 2019Termination date July 13, 2020

Distribution dates 25th day of June & DecemberRecord dates 10th day of June & December

CUSIP NumbersStandard AccountsCash distributions 00779U102Reinvest distributions 00779U110

Fee Based AccountsCash distributions 00779U128Reinvest distributions 00779U136

Ticker Symbol ANGAAX

Minimum investment $1000/100 units

Tax Structure Regulated Investment Company

FEES AND EXPENSES

The amounts below are estimates of the direct andindirect expenses that you may incur based on a $10unit price. Actual expenses may vary.

Sales Fee

As a %of $1,000Invested

Amountper 100Units

Initial sales fee 0.00% $0.00Deferred sales fee 1.35 13.50Creation & development fee 0.50 5.00

Maximum sales fee 1.85% $18.50

Organization Costs 0.49% $4.90

Annualoperating expenses

As a %of NetAssets

Amountper 100Units

Trustee fee & expenses 0.18% $1.78Supervisory, evaluation

and administration fees 0.10 1.00

Total 0.28% $2.78

The initial sales fee is the difference between the totalsales fee (maximum of 1.85% of the unit offering price)and the sum of the remaining deferred sales fee and thetotal creation and development fee. The deferred sales fee isfixed at $0.135 per unit and is paid in three monthlyinstallments beginning July 20, 2019. The creation anddevelopment fee is fixed at $0.05 per unit and is paid atthe end of the initial offering period (anticipated to beapproximately three months). When the public offeringprice per unit is less than or equal to $10, you will not payan initial sales fee. When the public offering price per unitis greater than $10 per unit, you will pay an initial sales fee.

EXAMPLE

This example helps you compare the cost of thistrust with other unit trusts and mutual funds. In theexample we assume that the expenses do not change andthat the trust’s annual return is 5%. Your actual returnsand expenses will vary. Based on these assumptions, youwould pay these expenses for every $10,000 you investin the trust:

1 year $2643 years $8115 years $1,38410 years $2,943

This example assumes that you continue to followthe trust strategy and roll your investment, including alldistributions, into a new series of the trust each yearsubject to a sales charge of 1.85%.

Investment Summary 3

Angels Portfolio, Series 2019-2Q(Advisors Disciplined Trust 1934)PortfolioAs of the trust inception date, April 10, 2019

Numberof Shares

TickerSymbol Issuer(1)

Percentage ofAggregate Offering

Price

MarketValue perShare(1)

Cost ofSecuritiesto Trust(2)

COMMON STOCKS — 100.00%

Communication Services — 7.46%4 GOOGL Alphabet, Inc. (3) 2.44% $1,202.69 $4,81150 EA Electronic Arts, Inc. (3) 2.49 98.25 4,91228 FB Facebook, Inc. (3) 2.53 177.58 4,972

Consumer Discretionary — 12.58%40 EXPE Expedia Group, Inc. 2.52 123.94 4,95898 LEN Lennar Corporation 2.50 50.23 4,92359 NKE NIKE, Inc. 2.53 84.28 4,97281 TXRH Texas Roadhouse, Inc. 2.52 61.20 4,95792 TJX The TJX Companies, Inc. 2.51 53.82 4,951

Consumer Staples — 4.98%20 COST Costco Wholesale Corporation 2.49 244.91 4,89890 WBA Walgreens Boots Alliance, Inc. 2.49 54.50 4,905

Energy — 7.48%39 CVX Chevron Corporation 2.49 125.54 4,89675 COP ConocoPhillips 2.50 65.70 4,92779 MPC Marathon Petroleum Corporation 2.49 62.16 4,911

Financials — 14.98%111 SCHW The Charles Schwab Corporation 2.51 44.45 4,93464 ICE Intercontinental Exchange, Inc. 2.50 76.97 4,92630 MTB M&T Bank Corporation 2.47 162.13 4,86469 PGR The Progressive Corporation 2.51 71.53 4,93658 RJF Raymond James Financial, Inc. 2.49 84.68 4,91121 SIVB SVB Financial Group (3) 2.50 234.54 4,925

Health Care — 17.63%61 A Agilent Technologies, Inc. 2.52 81.42 4,96786 CNC Centene Corporation (3) 2.53 57.88 4,97837 DHR Danaher Corporation 2.48 131.83 4,87826 EW Edwards Lifesciences Corporation (3) 2.51 189.96 4,9399 ISRG Intuitive Surgical, Inc. (3) 2.65 579.38 5,21412 REGN Regeneron Pharmaceuticals, Inc. (3) 2.41 395.73 4,74920 UNH UnitedHealth Group, Inc. 2.53 248.79 4,976

Industrials — 9.96%44 IR Ingersoll-Rand PLC (4) 2.49 111.22 4,89433 ODFL Old Dominion Freight Line, Inc. 2.52 150.65 4,97127 RTN Raytheon Company 2.46 179.04 4,83420 TDY Teledyne Technologies, Inc. (3) 2.49 245.56 4,911

(Continued)


Angels Portfolio, Series 2019-2Q(Advisors Disciplined Trust 1934)Portfolio (Continued)As of the trust inception date, April 10, 2019

Numberof Shares



Price



COMMON STOCKS — (CONTINUED)

Information Technology — 17.45%18 ADBE Adobe, Inc. (3) 2.46% $268.99 $4,84216 AVGO Broadcom, Inc. 2.47 303.45 4,85590 CSCO Cisco Systems, Inc. 2.52 55.18 4,96655 KEYS Keysight Technologies, Inc. (3) 2.52 90.12 4,95726 NVDA NVIDIA Corporation 2.50 189.26 4,92146 PYPL PayPal Holdings, Inc. (3) 2.50 106.93 4,91931 V Visa, Inc. 2.48 157.49 4,882

Materials — 4.97%83 NUE Nucor Corporation 2.48 58.84 4,884126 WRK Westrock Company 2.49 38.92 4,904

Real Estate — 2.51%98 CBRE CBRE Group, Inc. (3) 2.51 50.38 4,937

100.00% $196,867

Notes to Portfolio

(1) Securities are represented by contracts to purchase such securities. The value of each security is based on the most recent closing sale price of each securityas of the closeof regular tradingon theNewYorkStockExchangeon the businessdayprior to the trust’s inception date. In accordancewithAccountingStandardsCodification 820, “Fair ValueMeasurements”, the trust’s investments are classified as Level 1, which refers to security prices determined using quoted prices inactive markets for identical securities.

(2) The cost of the securities to the sponsor and the sponsor’s profit or (loss) (which is the difference between the cost of the securities to the sponsor and the costof the securities to the trust) are $196,867 and $(0), respectively.

(3) This is a non-income producing security.

(4) This is a security issued by a foreign company.

Common stocks comprise 100.00% of the investments in the trust, broken down by country of organization of the issuer as set forth below:

Ireland 2.49%United States 97.51%


BRAND FAVORITES FOCUS PORTFOLIO




The trust seeks to provide above averagetotal return primarily through capital apprecia-tion by investing in a portfolio of stocks ofcompanies that Eugene E. Peroni, Jr. of PeroniPortfolio Advisors, Inc. (the “Portfolio Consul-tant”) believes capture the interest of consumers.Mr. Peroni selected the trust’s portfolio throughthe application of his proprietary method oftechnical analysis, the Peroni MethodT, and con-sideration of stocks of companies whose brandsare recognizable and whose products and servicesare used in daily life. The trust’s focus on compa-nies with name recognizable brands attempts tofollow the theory that the products and servicesconsumers research and then use the most areoften produced by companies worth investmentconsideration. This technical methodologyscreens for long-term historical price behavior,relative strength and potential for future capitalappreciation.

The Peroni MethodT is a bottom-upapproach to stock selection that is primarilybased on technical analysis. The methodologyexamines a stock’s price architecture, accumula-tion and distribution trends and relative strengthpatterns, among other more subtle trading char-acteristics. This information is partly gatheredand analyzed through hand drawn point andfigure charts which have been a part of themethodology for over half a century. While thePeroni MethodT is primarily focused on thetechnical characteristics of individual stocks, eco-nomic, monetary, geopolitical and sentimentfactors at play in the market place are also incor-porated to identify leading stocks and sectors.

Technical analysis differs from fundamentalanalysis, which generally involves financial scru-tiny of the issuing company and considers suchfactors as earnings projections, P/E ratios, cashflow and other balance sheet data. The PeroniMethodT may be an investment alternative tofundamental analysis.

Mr. Peroni uses the Peroni MethodT toselect stocks that he believes are best able to pro-vide above average total return primarily throughcapital appreciation. He believes that technicalfactors can help identify industry sector relativestrength patterns that may play an important rolein investment success. The methodology allowsan unconstrained approach to stock selection,spanning all market caps and investment styles,i.e. growth and value.

Eugene E. Peroni Jr. has regularly publishedhis insights in reports offering stock market fore-casts and specific stock recommendations forboth short and longer-term investments.Mr. Peroni regularly appears on CNBC, CBSMarketWatch, Nightly Business Report, FoxBusiness News and Bloomberg Radio, and hasbeen quoted in publications such as The WallStreet Journal, The New York Times, U.S. Newsand World Report and Investors Business Daily.

Mr. Peroni began training in the field oftechnical research at age 16 with his father,Eugene E. Peroni, Sr., who founded the PeroniMethodT more than 50 years ago. Mr. Peronihas over 40 years of experience in his field. ThePeroni MethodT uses a bottom-up approach,primarily emphasizing the technical merits ofindividual stocks.

Mr. Peroni has a library of approximately1,000 hand-charted stocks that is the result ofextensive technical research and is regularlyrefreshed to include new opportunities gleanedthrough ticker tape analysis, news outlets, corpo-rate developments and practical observations.Charts with attractive price architecture are notedand stocks are ranked and screened on a regularbasis. Historical characteristics are analyzed forprice and volume shifts and evaluations are made


using money flow and relative strength trends.Sector relative strength is then determined byunbiased groupings of attractive stocks. Portfolioconstruction progresses as weightings are deter-mined by analyzing individual stock pricebehavior, economic factors, monetary trends,psychological oscillators and investor psychology.Those stocks with the best technical characteris-tics in strong or emerging leadership sectors arecandidates for inclusion in the portfolio whilealso taking into consideration appropriatediversification.

The Peroni MethodT examines numeroustechnical, psychological and fundamental data.The data may include:

• a stock’s historical price architecture

• net money flow trends in individual stocks

• the relative behavior of a stock’s priceperformance compared to other stocks in thesame sector

• sentiment readings such as the volatilityindex

• fiscal and monetary factors

• geopolitical events and their impact onspecific sectors.

PRINCIPAL RISKS






• The Peroni MethodT may not identifysecurities that will satisfy the trust’sinvestment objective.

• The trust is concentrated in securitiesissued by consumer products and servicescompanies. Negative developments in thissector will affect the value of yourinvestment more than would be the case in amore diversified investment.


• We* do not actively manage the portfolio.Except in limited circumstances, the trustwill hold, and continue to buy, shares of thesame securities even if their market valuedeclines.

PORTFOLIO CONSULTANT

The Portfolio Consultant, Peroni PortfolioAdvisors, Inc., is an investment adviser registeredin Pennsylvania.

The Portfolio Consultant is not an affiliateof the sponsor. The Portfolio Consultant makesno representations that the portfolio will achievethe investment objectives or will be profitable orsuitable for any particular potential investor. Thesponsor did not select the securities for the trust.

The Portfolio Consultant and/or its affiliatesmay use the list of securities in its independentcapacity as an investment adviser and distributethis information to various individuals and enti-ties. The Portfolio Consultant and/or its affiliatesmay recommend to other clients or otherwise


effect transactions in the securities held by thetrust. This may have an adverse effect on theprices of the securities. This also may have animpact on the price the trust pays for the securi-ties and the price received upon unitredemptions or liquidation of the securities. ThePortfolio Consultant and/or its affiliates also mayissue reports and makes recommendations onsecurities, which may include the securities inthe trust.

Neither the Portfolio Consultant nor thesponsor manages the trust. Opinions expressedby the Portfolio Consultant are not necessarilythose of the sponsor, and may not actually cometo pass. The trust will pay the Portfolio Consul-tant a fee for selecting the trust’s portfolio. Thetrust will also pay a license fee for the use ofcertain service marks, trademarks, trade namesand/or other property of the PortfolioConsultant.


WHO SHOULD INVEST


• to own a defined portfolio of stocks ofcompanies with recognizable brands selectedbased on technical, historical quantitative andfundamental analysis.

• to pursue a long-term investment strategy thatincludes investment in subsequent portfolios, ifavailable.

• the potential to receive above average totalreturns primarily through capital appreciation.


• are uncomfortable with the risks of anunmanaged investment in common stocks ofcompanies with recognizable brands.


• seek capital preservation.




Distribution dates 25th day of January, April, July,and October

Record dates 10th day of January, April, July,and October



Ticker Symbol BFFBBX

Minimum investment $1,000/100 units


FEES AND EXPENSES


Sales Fee


Amountper 100Units





As a %of NetAssets

Amountper 100Units

Trustee fee & expenses 0.24% $2.40Supervisory, evaluation and

administration fees 0.10 1.00Total 0.34% $3.40


EXAMPLE

This example helps you compare the cost of this trustwith other unit trusts and mutual funds. In the example weassume that the expenses do not change and that the trust’sannual return is 5%. Your actual returns and expenses willvary. Based on these assumptions, you would pay theseexpenses for every $10,000 you invest in the trust:




Brand Favorites Focus Portfolio, Series 2019-2Q(Advisors Disciplined Trust 1934)PortfolioAs of the trust inception date, April 10, 2019

Numberof Shares



Price




Communication Services — 12.00%3 GOOG Alphabet, Inc. (4) 1.97% $1,197.25 $3,59221 FB Facebook, Inc. (4) 2.05 177.58 3,72964 MTCH Match Group, Inc. (4) 1.99 56.66 3,62610 NFLX Netflix, Inc. (4) 2.00 364.71 3,64731 DIS The Walt Disney Company 1.99 116.86 3,62340 WWE World Wrestling Entertainment, Inc. 2.00 91.04 3,641

Consumer Discretionary — 38.01%2 AMZN Amazon.com, Inc. (4) 2.01 1,835.84 3,67241 CHDN Churchill Downs, Inc. 2.02 89.65 3,67631 DRI Darden Restaurants, Inc. 1.99 117.03 3,62815 DPZ Domino's Pizza, Inc. 2.04 247.83 3,71797 EBAY eBay, Inc. 2.01 37.75 3,66254 ETSY Etsy, Inc. (4) 1.97 66.69 3,60118 HD The Home Depot, Inc. 1.98 200.90 3,61630 IRBT iRobot Corporation (4) 2.01 122.06 3,66222 LULU Lululemon Athletica, Inc. (4) 2.02 167.52 3,68519 MCD McDonald's Corporation 1.98 190.08 3,61143 NKE NIKE, Inc. 1.99 84.28 3,62441 OLLI Ollie's Bargain Outlet Holdings, Inc. (4) 2.01 89.54 3,67152 PLNT Planet Fitness, Inc. (4) 2.01 70.44 3,66349 SBUX Starbucks Corporation 2.02 75.12 3,68168 TJX The TJX Companies, Inc. 2.01 53.82 3,66010 ULTA Ulta Beauty, Inc. (4) 1.91 348.20 3,48217 MTN Vail Resorts, Inc. 2.02 217.17 3,69248 WING Wingstop, Inc. 1.99 75.41 3,62037 YUM Yum! Brands, Inc. 2.02 99.48 3,681

Consumer Staples — 15.98%50 CHD Church & Dwight Company, Inc. 2.00 73.01 3,65015 COST Costco Wholesale Corporation 2.01 244.91 3,67422 EL The Estee Lauder Companies, Inc. 1.98 163.85 3,60571 GIS General Mills, Inc. 1.99 51.03 3,62331 HSY The Hershey Company 1.97 116.02 3,59730 KMB Kimberly-Clark Corporation 2.00 121.34 3,64024 MKC McCormick & Company, Inc. 2.02 153.30 3,67935 PG The Procter & Gamble Company 2.01 104.66 3,663

Financials — 1.99%33 AXP American Express Company 1.99 109.85 3,625

(Continued)


Brand Favorites Focus Portfolio, Series 2019-2Q(Advisors Disciplined Trust 1934)Portfolio (Continued)As of the trust inception date, April 10, 2019

Numberof Shares



Price




Health Care — 2.03%13 ALGN Align Technology, Inc. (4) 2.03% $285.25 $3,708

Industrials — 12.00%10 BA The Boeing Company 2.02 369.04 3,69023 DE Deere & Company 2.00 158.83 3,65319 FDX FedEx Corporation 1.98 189.95 3,60926 SWK Stanley Black & Decker, Inc. 2.02 141.87 3,68952 TTC The Toro Company 2.00 70.05 3,64332 UPS United Parcel Service, Inc. 1.98 112.91 3,613

Information Technology — 14.04%14 ADBE Adobe, Inc. (4) 2.07 268.99 3,76618 AAPL Apple, Inc. 1.97 199.50 3,59166 INTC Intel Corporation 2.00 55.32 3,65114 INTU Intuit, Inc. 1.99 258.90 3,62531 MSFT Microsoft Corporation 2.03 119.28 3,69834 PYPL PayPal Holdings, Inc. (4) 1.99 106.93 3,63623 V Visa, Inc. 1.99 157.49 3,622

Materials — 3.95%45 SMG The Scotts Miracle-Gro Company 2.00 80.87 3,6398 SHW The Sherwin-Williams Company 1.95 443.74 3,550

100.00% $182,301

Notes to Portfolio


(2) The cost of the securities to the sponsor and the sponsor’s profit or (loss) (which is the difference between the cost of the securities to the sponsor and the costof the securities to the trust) are $182,301 and $0, respectively.




BULLDOG PORTFOLIO


The trust seeks to provide above average totalreturn primarily through capital appreciation. Thereis no assurance the trust will achieve its objective.


The trust seeks to achieve its objective byinvesting in a portfolio of stocks selected byCyrus J. Lawrence LLC (the “Portfolio Consul-tant”). The Portfolio Consultant consideredstocks of companies for inclusion in the trust’sportfolio that it defines as “Bulldogs”. The Port-folio Consultant believes that these so-calledBulldogs have the potential to take advantage ofthe current global economic landscape.

Bulldogs are defined by the Portfolio Consul-tant as companies who have all or somecombination of the following attributes:

1) a highly motivated management teamwith a no-holds-barred attitude towardsmarket share dominance,

2) are cutting edge in terms of economiesof scale, product or service differentia-tion, and innovation or patents,

3) can drive superior unit growth versus itscompetitors,

4) are good at dropping unit cost,

5) have the ability to demonstrate superiorpricing power for its products or services,

6) offer quality products and purchasingagents have no career risk in buyingfrom them,

7) have strong balance sheets and do nothesitate using them to gain market share,including longer payment terms and con-signment of inventory to customer usageregions, and

* “AAM,” “we” and related terms mean Advisors Asset Management,Inc., the trust sponsor, unless the context clearly suggests otherwise

8) use their strength to help their customersdrive unit growth via company salespromotions, cooperative advertising, etc.

Stock selection for the trust’s portfolioincluded analyzing factors such as: market capi-talization, economic sector performance, revenuegrowth, earnings growth, balance sheet strengthand relative valuation. In selecting stocks for theportfolio, the Portfolio Consultant sought reason-able diversification amongst issuers and onlyconsidered companies with a market capitaliza-tion of $5 billion or more as of the trust’sinception. Of course, as with any similar invest-ment, there can be no assurance that theobjective of the trust will be achieved.

PRINCIPAL RISKS





• The trust is concentrated in securitiesissued by information technologycompanies. Negative developments in thissector will affect the value of yourinvestment more than would be the case in amore diversified investment.




The Portfolio Consultant, Cyrus J. LawrenceLLC, is a registered investment adviser formed inNovember 2014.


The Portfolio Consultant and/or its affiliatesmay use the list of securities in its independentcapacity as an investment adviser and distributethis information to various individuals and enti-ties. The Portfolio Consultant and/or its affiliatesmay recommend to other clients or otherwiseeffect transactions in the securities held by thetrust. This may have an adverse effect on theprices of the securities. This also may have animpact on the price the trust pays for the securi-ties and the price received upon unitredemptions or liquidation of the securities. ThePortfolio Consultant and/or its affiliates also mayissue reports and makes recommendations onsecurities, which may include the securities inthe trust.



WHO SHOULD INVEST


• to own a defined portfolio of stocks.

• the potential for total return primarily throughcapital appreciation.




• seek capital preservation or income as aprimary objective.




Distribution dates 25th day of June andDecember

Record dates 10th day of June andDecember



Ticker Symbol BDOGQX



FEES AND EXPENSES


Sales Fee


Amountper 100Units





As a %of NetAssets

Amountper 100Units



Total 0.29% $2.91


EXAMPLE





Bulldog Portfolio, Series 2019-2Q — A Cyrus J. Lawrence LLC (“CJL”) Portfolio(Advisors Disciplined Trust 1934)PortfolioAs of the trust inception date, April 10, 2019

Numberof Shares



Price




Communication Services — 9.97%6 GOOGL Alphabet, Inc. (4) 3.36% $1,202.69 $7,21640 FB Facebook, Inc. (4) 3.30 177.58 7,10361 DIS The Walt Disney Company 3.31 116.86 7,129

Consumer Discretionary — 16.83%38 BABA Alibaba Group Holding Limited (3)(4) 3.31 187.19 7,1134 AMZN Amazon.com, Inc. (4) 3.41 1,835.84 7,34336 HD The Home Depot, Inc. 3.36 200.90 7,23296 SBUX Starbucks Corporation 3.35 75.12 7,21221 ULTA Ulta Beauty, Inc. (4) 3.40 348.20 7,312

Consumer Staples — 3.30%29 COST Costco Wholesale Corporation 3.30 244.91 7,102

Financials — 9.97%249 BAC Bank of America Corporation 3.35 28.89 7,19468 JPM JPMorgan Chase & Company 3.32 104.87 7,13133 SPGI S&P Global, Inc. 3.30 214.81 7,089

Health Care — 23.25%91 ABT Abbott Laboratories 3.33 78.67 7,15929 BDX Becton Dickinson and Company 3.37 249.77 7,243187 BSX Boston Scientific Corporation (4) 3.32 38.21 7,14522 ILMN Illumina, Inc. (4) 3.24 316.64 6,96618 REGN Regeneron Pharmaceuticals, Inc. (4) 3.31 395.73 7,123209 RHHBY Roche Holding AG (3) 3.32 34.18 7,14426 TMO Thermo Fisher Scientific, Inc. 3.36 277.80 7,223

(Continued)


Bulldog Portfolio, Series 2019-2Q — A Cyrus J. Lawrence LLC (“CJL”) Portfolio(Advisors Disciplined Trust 1934)Portfolio (Continued)As of the trust inception date, April 10, 2019

Numberof Shares



Price




Information Technology — 33.39%27 ADBE Adobe, Inc. (4) 3.38% $268.99 $7,26336 AAPL Apple, Inc. 3.34 199.50 7,18243 ADSK Autodesk, Inc. (4) 3.34 167.06 7,18466 BR Broadridge Financial Solutions, Inc. 3.35 109.23 7,209208 GLW Corning, Inc. 3.32 34.29 7,132130 INTC Intel Corporation 3.34 55.32 7,19260 MSFT Microsoft Corporation 3.33 119.28 7,15730 PANW Palo Alto Networks, Inc. (4) 3.36 240.77 7,223112 SSNC SS&C Technologies Holdings, Inc. 3.33 63.87 7,15345 V Visa, Inc. 3.30 157.49 7,087

Real Estate — 3.29%36 AMT American Tower Corporation 3.29 196.72 7,082

100.00% $215,043

Notes to Portfolio





Cayman Islands 3.31%Switzerland 3.32%United States 93.37%



COHEN & STEERS REAL ESTATE INCOMESTRATEGY PORTFOLIO


The trust seeks to provide total return withan emphasis on current income. There is noassurance the trust will achieve its objective.


The trust seeks to achieve its objective byinvesting in securities selected by Cohen & SteersCapital Management, Inc. (the “Portfolio Con-sultant”) using its three proprietary strategiesfocused on different categories of real estateinvestments (the “Select Strategies”). Allocationsto the Select Strategies were weighted approxi-mately 40%, 40%, 20% (in the respective orderlisted below) at the trust’s inception and mayvary thereafter. The three proprietary Select Strat-egies are:

1. Real Estate Investment Trusts (“REITs”):The strategy provides access to commonstock of REITs that own and operateincome-producing commercial realestate.

2. Real Estate Preferred Securities: The strat-egy provides access to preferred securitiesissued by real estate companies.

3. Real Estate Related Closed-End Funds:The strategy targets investments in thecommon stock of closed-end manage-ment investment companies (known as“closed-end funds” and referred to hereinas the “funds”) that invest significantly inincome-producing securities of real estateand/or real estate related companies.

The Portfolio Consultant’s investmentprocess draws on the resources and experienceof each of three distinct investment teamsresponsible for security selection of each ofthe Select Strategies. Each team utilizes anintegrated investment process, combiningrigorous bottom-up research with top-down

macroeconomic views which are employed inselecting securities that are believed to presentthe best relative value and potential to contributeto the trust’s investment objective.

Under normal circumstances, the trust willinvest at least 80% of its assets in securities ofREITs, other issuers in the real estate sectorand/or funds having policies to invest at least80% of their assets in REITs and/or securities ofother issuers in the real estate sector.

Approximately 2.24% of the portfolio con-sists of funds classified as “non-diversified” underthe Investment Company Act of 1940. Thesefunds have the ability to invest more than 5% oftheir assets in securities of a single issuer whichcould reduce diversification.

PRINCIPAL RISKS



• An issuer may be unable to make incomeand/or principal payments, or declaredividends, in the future. This may reducethe level of income the trust receives whichwould reduce your income and cause thevalue of your units to fall.

• The financial condition of an issuer mayworsen or its credit ratings may drop,resulting in a reduction in the value of yourunits. This may occur at any point in time,including during the primary offering period.

• The value of certain securities will generallyfall if interest rates, in general, rise. No onecan predict whether interest rates will rise orfall in the future.

• The trust and the underlying funds areconcentrated in securities issued bycompanies involved in aspects of the realestate sector. Negative developmentsimpacting companies in this sector will affect


the value of your investment more thanwould be the case in a more diversifiedinvestment.

• The trust and/or the underlying funds mayinvest in securities of REITs. A REIT is acompany dedicated to owning and, in somecases, operating income-producing realestate. Some REITs engage in financing realestate. Negative developments in the realestate industry will affect the value of yourinvestment greater than in a more diversifiedinvestment.

• The trust and/or the underlying funds mayinvest in preferred securities. Preferredsecurities are subordinated to bonds andother debt instruments in a company’scapital structure and therefore will be subjectto greater credit risk than those debtinstruments. In addition, preferred securitiesare subject to other risks, such as having noor limited voting rights, being subject tospecial redemption rights, havingdistributions deferred or skipped, havinglimited liquidity, changing tax treatmentsand possibly being in heavily regulatedindustries.

• The trust invests in shares of closed-endfunds. Closed-end funds tend to trade at adiscount from their net asset value and aresubject to risks related to factors such as themanager’s ability to achieve a fund’sobjective, market conditions affecting afund’s investments and use of leverage. Thetrust and the underlying funds havemanagement and operating expenses. Youwill bear not only your share of the trust’sexpenses, but also the expenses of theunderlying funds. By investing in funds, thetrust incurs greater expenses than you wouldincur if you invested directly in the funds.


• The trust and/or the underlying funds mayinvest in unrated securities or securitiesrated below investment grade and areconsidered to be “junk” securities. Thesesecurities are considered to be speculativeand are subject to greater market and creditrisks. Accordingly, the risk of default ishigher than investment grade securities. Inaddition, these securities may be moresensitive to interest rate changes and may bemore likely to make early returns ofprincipal.

• The trust and/or the underlying funds mayinvest in securities of small and mid-sizecompanies. These securities are often morevolatile and have lower trading volumes thansecurities of larger companies. Small andmid-size companies may have limitedproducts or financial resources, managementinexperience and less publicly availableinformation.

• Securities of foreign issuers held by thetrust and/or the underlying funds presentrisks beyond those of U.S. issuers. Theserisks may include market and political factorsrelated to the issuer’s foreign market,international trade conditions, the global andcountry-specific political environment, lessregulation, smaller or less liquid markets,increased volatility, differing accountingpractices and changes in the value of foreigncurrencies.

• We* do not actively manage the portfolio.While the funds have managed portfolios,except in limited circumstances, the trust willhold, and continue to buy, shares of thesame funds even if their market valuedeclines.


The Portfolio Consultant, Cohen & SteersCapital Management, Inc., is a registered invest-ment adviser. Founded in 1986, the PortfolioConsultant is a global investment manager spe-cializing in liquid real assets, including real estate


securities, listed infrastructure, commodities andnatural resource equities, as well as preferredsecurities and other income solutions. As ofMarch 31, 2019, the Portfolio Consultant had$62.6 billion in assets under management. ThePortfolio Consultant manages separate accountportfolios for institutional investors, includingsome of the world’s largest pension funds andendowments. In addition, the Portfolio Consul-tant manages open- and closed-end funds forboth retail and institutional investors. The Port-folio Consultant is among the largest real estateinvestment trust (“REIT”) managers in the U.S.and employs a significant research and tradingstaff. Many investors have come to view thePortfolio Consultant as an important source forincome-oriented investment products.


The Portfolio Consultant may use the list ofsecurities in its independent capacity as aninvestment adviser and distribute this informa-tion to various individuals and entities. ThePortfolio Consultant may recommend to otherclients or otherwise effect transactions in thesecurities held by the trust. This may have anadverse effect on the prices of the securities. Thisalso may have an impact on the price the trustpays for the securities and the price receivedupon unit redemptions or liquidation of thesecurities. The Portfolio Consultant also mayissue reports and makes recommendations onsecurities, which may include the securities inthe trust.



WHO SHOULD INVEST


• to own a defined portfolio of real estate relatedsecurities.

• the potential to receive total return with anemphasis on current income.


• are uncomfortable with the risks of anunmanaged investment in real estate relatedsecurities.

• are uncomfortable with the trust’s investmentstrategy.

• seek capital preservation or capital appreciationas a primary objective.




Distribution dates 25th day of each monthRecord dates 10th day of each month



Ticker Symbol RISADX



FEES AND EXPENSES


Sales Fee


Amountper 100Units





As a %of NetAssets

Amountper 100Units


administration fees 0.10 1.00Underlying fund expenses 0.52 5.04Total 0.92% $9.00

The initial sales fee is the difference between the totalsales fee (maximum of 1.85% of the unit offering price)and the sum of the remaining deferred sales fee and thetotal creation and development fee. The deferred sales fee isfixed at $0.135 per unit and is paid in three monthlyinstallments beginning July 20, 2019. The creation anddevelopment fee is fixed at $0.05 per unit and is paid atthe end of the initial offering period (anticipated to beapproximately three months). When the public offeringprice per unit is less than or equal to $10, you will not payan initial sales fee. When the public offering price per unitis greater than $10 per unit, you will pay an initial sales fee.The trust will indirectly bear the management and operat-ing expenses of the underlying funds. While the trust willnot pay these expenses directly out of its assets, theseexpenses are shown in the trust’s annual operating expensesabove to illustrate the impact of these expenses.

EXAMPLE





Cohen & Steers Real Estate Income Strategy Portfolio, Series 2019-2Q(Advisors Disciplined Trust 1934)PortfolioAs of the trust inception date, April 10, 2019

Numberof Shares



Price



EQUITY SECURITIES — 39.89%

Real Estate — 39.89%21 AMT American Tower Corporation 2.67% $196.72 $4,13175 CONE CyrusOne, Inc. 2.63 54.30 4,0729 EQIX Equinix, Inc. 2.68 460.11 4,14114 ESS Essex Property Trust, Inc. 2.60 287.46 4,02441 EXR Extra Space Storage, Inc. 2.67 100.99 4,141119 HPP Hudson Pacific Properties, Inc. 2.65 34.53 4,109171 INVH Invitation Homes, Inc. 2.66 24.07 4,11654 KRC Kilroy Realty Corporation 2.64 75.80 4,093133 PEB Pebblebrook Hotel Trust 2.65 30.84 4,10257 PLD Prologis, Inc. 2.67 72.38 4,126216 SBRA Sabra Health Care REIT, Inc. 2.68 19.23 4,154306 SITC SITE Centers Corporation 2.66 13.44 4,11335 SUI Sun Communities, Inc. 2.69 118.90 4,16192 UDR UDR, Inc. 2.68 45.13 4,152187 VICI VICI Properties, Inc. 2.66 22.03 4,120

CLOSED-END FUNDS — 20.01%574 AWP Aberdeen Global Premier Properties Fund 2.22 5.98 3,433157 RA Brookfield Real Assets Income Fund, Inc. 2.23 21.99 3,452461 IGR CBRE Clarion Global Real Estate Income Fund 2.22 7.46 3,439697 NRO Neuberger Berman Real Estate Securities

Income Fund, Inc. 2.23 4.95 3,450325 JDD Nuveen Diversified Dividend & Income Fund 2.20 10.47 3,403214 JRI Nuveen Real Asset Income and Growth Fund 2.23 16.13 3,452332 JRS Nuveen Real Estate Income Fund 2.22 10.35 3,436184 PGZ Principal Real Estate Income Fund 2.24 18.87 3,472185 RIF RMR Real Estate Income Fund 2.22 18.54 3,430

TOTAL EQUITY SECURITIES AND CLOSED-END FUNDS 59.90% $92,722

(Continued)


Cohen & Steers Real Estate Income Strategy Portfolio, Series 2019-2Q(Advisors Disciplined Trust 1934)Portfolio (Continued)As of the trust inception date, April 10, 2019

Numberof Shares Issuer(5)

Percentage ofAggregateOfferingPrice

RedemptionProvisions(6)



PREFERRED SECURITIES — 40.10%

Real Estate — 40.10%204 American Homes 4 Rent, Series H, 6.25% 3.33% 9/19/2023 @ 25 $25.25 $5,151202 Digital Realty Trust, Inc., Series K, 5.85% 3.33 3/13/2024 @ 25 25.53 5,157219 Kimco Realty Corporation, Series M,

5.25% 3.34 12/20/2022 @ 25 23.58 5,164215 Monmouth Real Estate Investment

Corporation, Series C, 6.125% 3.33 9/15/2021 @ 25 24.00 5,160205 National Storage Affiliates Trust, Series A,

6.00% 3.34 10/11/2022 @ 25 25.20 5,166213 PS Business Parks, Inc., Series Y, 5.20% 3.33 12/7/2022 @ 25 24.17 5,148199 Public Storage, Series H, 5.60% 3.34 3/11/2024 @ 25 25.99 5,172202 QTS Realty Trust, Inc., Series A, 7.125% 3.34 3/15/2023 @ 25 25.55 5,161208 Rexford Industrial Realty, Inc., Series A,

5.875% 3.38 8/16/2021 @ 25 25.16 5,233202 SITE Centers Corporation, Series A,

6.375% 3.35 6/5/2022 @ 25 25.70 5,191214 Spirit Realty Capital, Inc., Series A, 6.00% 3.33 10/3/2022 @ 25 24.05 5,147220 Summit Hotel Properties, Inc., Series E,

6.25% 3.36 11/13/2022 @ 25 23.63 5,199

TOTAL PREFERED SECURITIES 40.10% $62,049

TOTAL 100.00% $154,771

(Continued)


Notes to Portfolio





(5) Shown under this heading is the stated dividend or income distribution rate of each of the securities, expressed as an annual dollar amount or as a percentageof par or stated value. Each security was originally issued with a par or stated value per share equal to $25. Securities are represented by contracts to purchasesecurities.

(6) The securities are first redeemable on such date and at such price as listed above. Optional redemption provisions, which may be exercised in whole or in part,are at prices of par or stated value. Optional redemption provisions generally will occur at times when the redeemed securities have an offering side evaluationwhich represents a premiumover par or stated value. To the extent that the securities were acquired at a price higher than the redemption price, this will representa loss of capital when compared with the public offering price of the units when acquired. Distributions to unitholders will generally be reduced by the amount ofthe income which otherwise would have been paid with respect to redeemed securities, and any principal amount received on such redemption after satisfyingany redemption requests for units received by the trust will be distributed to unitholders. Certain of the securities have provisions which would allow for theirredemption prior to the earliest stated call date pursuant to the occurrence of certain extraordinary events.

(7) Thesecurity hasa“makewhole”call optionandmaybe redeemable inwholeor inpart at theoptionof the issuer at a redemptionpricegenerally equal to thegreaterof (i) 100% of the aggregate principal amount of the security or (ii) the sum of the present values of the remaining scheduled payments of principal and interestthereon, discounted to the date of redemption on a periodic basis at a set premium to the then current applicable Treasury Rate plus accrued and unpaid intereston the principal amount being redeemed to the date of redemption.


GLOBAL DIVIDEND STRATEGY PORTFOLIO


The trust seeks to provide above averagetotal return primarily through dividend income.There is no assurance the trust will achieveits objective.


The trust seeks to provide above averagetotal return primarily through dividends, invest-ing in a portfolio of common stocks of foreignand domestic companies selected by HartfordInvestment Management Company (“HIMCO”).

HIMCO sought to select high quality stockswith above average dividend yields by considering abroad universe including securities in the Russell3000T Index and approximately 500 AmericanDepository Receipts (“ADRs”) for inclusion in thetrust’s portfolio. HIMCO used a structured quanti-tative approach combined with fundamentaloversight. HIMCO’s quantitative approach soughtto identify companies within each industry sectorpossessing attractive fundamentals such as solidbalance sheets, high quality earnings and attractivegrowth prospects. HIMCO reviewed final selectionsfor the trust’s portfolio to assess the impact ofrecent events (including management issues, legalproceedings and future mergers or acquisition) oneach stock’s prospects.

Under normal market conditions, the trustwill invest at least 40% of its total assets in for-eign common stocks. For this purpose, foreigncommon stocks include common stocks issuedby issuers (1) organized outside of the U.S., (2)with headquarters or principal places of businesslocated outside the U.S. or (3) doing a substan-tial amount of business outside the U.S. (either50% or more of the issuer’s assets are locatedoutside the U.S. or 50% or more of the issuer’srevenues are derived outside the U.S.). Foreigncommon stocks may include investments inADRs and other depositary receipts.


PRINCIPAL RISKS



• The issuer of a security may be unwilling orunable to make dividend payments in thefuture. This may reduce the level of dividendsthe trust receives which would reduce yourincome and cause the value of your units tofall.

• The financial condition of an issuer mayworsen or its credit ratings may drop,resulting in a reduction in the value of yourunits. This may occur at any point in time,including during the primary offering period ofthe trust.

• Securities of foreign companies held by thetrust present risks beyond those of U.S.issuers. These risks may include market andpolitical factors related to the company’sforeign market, international trade conditions,less regulation, smaller or less liquid markets,increased volatility, differing accountingpractices and changes in the value of foreigncurrencies.

• The trust invests in securities selected byHIMCO. In the event that HIMCOincorrectly assesses an issuer’s prospects forgrowth or if HIMCO’s judgment about howother investors will value an issuer’s growth iswrong, then the price of an issuer’s stock maydecrease or not increase to the level anticipated.

• We* do not actively manage the portfolio.Except in limited circumstances, the trust willgenerally hold, and continue to buy, shares ofthe same securities even if their market valuedeclines.



HIMCO, Hartford Investment ManagementCompany, is a registered investment adviser.

HIMCO is not an affiliate of the sponsor.HIMCO selected a list of securities to beincluded in the portfolio based on the criteriaprovided by the sponsor. HIMCO makes no rep-resentations that the portfolio will achieve theinvestment objectives or will be profitable orsuitable for any particular potential investor. Thesponsor did not select the securities for the trust.

HIMCO may use the list of securities in itsindependent capacity as an investment adviserand distribute this information to various indi-viduals and entities. HIMCO may recommendto other clients or otherwise effect transactions inthe securities held by the trust. This may have anadverse effect on the prices of the securities. Thisalso may have an impact on the price the trustpays for the securities and the price receivedupon unit redemptions or liquidation of thesecurities. HIMCO may also issue reports andmake recommendations on securities, which mayinclude the securities in the trust.

Neither HIMCO nor the sponsor managesthe trust. Opinions expressed by HIMCO arenot necessarily those of the sponsor, and may notactually prove correct. The trust will payHIMCO a fee for selecting the trust’s portfolio.The trust will also pay a license fee for the use ofcertain service marks, trademarks, trade namesand/or other property of HIMCO.


WHO SHOULD INVEST


• to own a portfolio primarily consisting ofstocks of foreign and domestic companies.

• the potential for above average total returnprimarily through dividend income.


• are uncomfortable with the risks of anunmanaged investment in stocks of foreign anddomestic companies.








Ticker Symbol HGDBBX



FEES AND EXPENSES

The amounts below are estimates of the direct andindirect expenses that you may incur. Actual expensesmay vary.

Sales Fee


Amountper 100Units





As a %of NetAssets

Amountper 100Units


administration fees 0.10 1.00

Total 0.31% $3.06


EXAMPLE





Global Dividend Strategy Portfolio, Series 2019-2Q —A Hartford Investment Management Company (“HIMCO”) Portfolio(Advisors Disciplined Trust 1934)PortfolioAs of the trust inception date, April 10, 2019

Numberof Shares



Price




Communication Services — 6.49%70 T AT&T, Inc. 1.50% $31.75 $2,222143 DCMYY NTT DOCOMO, Inc. (3) 2.00 20.78 2,97276 VZ Verizon Communications, Inc. 2.99 58.40 4,438

Consumer Discretionary — 5.51%161 F Ford Motor Company 1.00 9.21 1,48338 GM General Motors Company 1.00 38.86 1,47710 KSS Kohl's Corporation 0.49 72.45 72523 LVS Las Vegas Sands Corporation 1.02 65.53 1,50730 SIX Six Flags Entertainment Corporation 1.02 50.31 1,5099 TGT Target Corporation 0.49 80.66 72628 TUP Tupperware Brands Corporation 0.49 26.01 728

Consumer Staples — 7.96%13 MO Altria Group, Inc. 0.48 55.11 71631 BGS B&G Foods, Inc. 0.50 24.04 74519 CPB Campbell Soup Company 0.51 39.49 75048 KO The Coca-Cola Company 1.51 46.67 2,24029 GIS General Mills, Inc. 1.00 51.03 1,48026 K Kellogg Company 1.00 57.16 1,48612 KMB Kimberly-Clark Corporation 0.98 121.34 1,4566 PEP PepsiCo, Inc. 0.49 122.17 73314 PG The Procter & Gamble Company 0.99 104.66 1,46571 VGR Vector Group Limited 0.50 10.42 740

Energy — 10.48%99 BP BP PLC (3) 3.00 44.99 4,45440 ENB Enbridge, Inc. (3) 0.99 36.84 1,47421 E Eni SpA (3) 0.50 35.65 74936 XOM Exxon Mobil Corporation 1.99 81.93 2,94992 TOT TOTAL SA (3) 3.50 56.44 5,19216 TRP TransCanada Corporation (3) 0.50 45.97 736

(Continued)


Global Dividend Strategy Portfolio, Series 2019-2Q —A Hartford Investment Management Company (“HIMCO”) Portfolio(Advisors Disciplined Trust 1934)Portfolio (Continued)As of the trust inception date, April 10, 2019

Numberof Shares



Price




Financials — 24.47%128 AZSEY Allianz SE (3) 1.99% $23.12 $2,95941 ANZBY Australia & New Zealand Banking Group

Limited (3) 0.50 18.14 74419 BMO Bank of Montreal (3) 0.98 76.46 1,45314 BNS The Bank of Nova Scotia (3) 0.50 53.33 74718 CM Canadian Imperial Bank of Commerce (3) 0.99 81.84 1,47367 FNB FNB Corporation 0.50 11.07 74252 HSBC HSBC Holdings PLC (3) 1.49 42.63 2,217168 HBAN Huntington Bancshares, Inc. 1.49 13.17 2,213117 ING ING Groep NV (3) 1.00 12.73 1,48942 MFC Manulife Financial Corporation (3) 0.50 17.67 74262 NAVI Navient Corporation 0.50 11.92 73989 NRZ New Residential Investment Corporation 1.00 16.62 1,47972 ORI Old Republic International Corporation 1.00 20.63 1,48538 PACW PacWest Bancorp 0.99 38.61 1,46762 POFNF Power Financial Corporation (3) 1.01 24.12 1,49557 PFG Principal Financial Group, Inc. 1.99 51.80 2,95310 RY Royal Bank of Canada (3) 0.52 77.37 774374 SCGLY Societe Generale SA (3) 1.51 5.98 2,235725 SMFG Sumitomo Mitsui Financial Group, Inc. (3) 3.50 7.15 5,184119 UBS UBS Group AG (3) 1.01 12.52 1,490121 WBK Westpac Banking Corporation (3) 1.50 18.35 2,220

Health Care — 12.99%27 ABBV AbbVie, Inc. 1.51 82.69 2,23331 CAH Cardinal Health, Inc. 0.99 47.34 1,468107 GSK GlaxoSmithKline PLC (3) 2.99 41.49 4,43937 MRK Merck & Company, Inc. 2.02 80.80 2,99044 NVS Novartis AG (3) 2.48 83.41 3,670104 PFE Pfizer, Inc. 3.00 42.84 4,455

Industrials — 8.05%76 ABB ABB Limited (3) 1.00 19.48 1,48076 AYR Aircastle Limited (3) 1.00 19.45 1,47827 ETN Eaton Corporation PLC (3) 1.50 82.35 2,22321 EMR Emerson Electric Company 1.00 70.81 1,4875 MITSY Mitsui & Company Limited (3) 1.07 317.38 1,58739 SIEGY Siemens AG (3) 1.49 56.57 2,20613 UPS United Parcel Service, Inc. 0.99 112.91 1,468

(Continued)


Global Dividend Strategy Portfolio, Series 2019-2Q —A Hartford Investment Management Company (“HIMCO”) Portfolio(Advisors Disciplined Trust 1934)Portfolio (Continued)As of the trust inception date, April 10, 2019

Numberof Shares



Price




Information Technology — 8.47%76 CAJ Canon, Inc. (3) 1.50% $29.31 $2,22867 CSCO Cisco Systems, Inc. 2.49 55.18 3,69731 IBM International Business Machines Corporation 2.97 142.11 4,405126 NOK Nokia OYJ (3) 0.50 5.86 73826 QCOM QUALCOMM, Inc. 1.01 57.44 1,493

Materials — 5.01%38 BASFY BASF SE (3) 0.50 19.34 73530 BBL BHP Group PLC (3) 1.02 50.39 1,51232 IP International Paper Company 1.02 47.13 1,50816 LYB LyondellBasell Industries N.V. (3) 0.97 90.25 1,44436 RIO Rio Tinto PLC (3) 1.50 61.89 2,228

Real Estate — 4.50%38 GLPI Gaming and Leisure Properties, Inc. 1.00 39.00 1,48229 HPT Hospitality Properties Trust 0.51 26.02 75541 OHI Omega Healthcare Investors, Inc. 1.00 36.33 1,49047 PK Park Hotels & Resorts, Inc. 0.99 31.31 1,47267 VICI VICI Properties, Inc. 1.00 22.03 1,476

Utilities — 6.07%25 CNP CenterPoint Energy, Inc. 0.51 30.32 75820 D Dominion Energy, Inc. 1.03 76.39 1,52825 DUK Duke Energy Corporation 1.52 90.25 2,25647 PPL PPL Corporation 1.01 32.00 1,50457 SO The Southern Company 2.00 51.95 2,961

100.00% $148,306

(Continued)


Notes to Portfolio





Australia 2.00%Bermuda 1.00%Canada 5.99%Finland 0.50%France 5.01%Germany 3.98%Ireland 1.50%Italy 0.50%Japan 8.07%Netherlands 1.97%Switzerland 4.49%United Kingdom 10.00%United States 54.99%



GLOBAL TECHNOLOGY PORTFOLIO


The trust seeks to provide above average totalreturn primarily through capital appreciation. Thereis no assurance the trust will achieve its objective.


The trust seeks to provide above average totalreturn primarily through capital appreciation byinvesting in a portfolio of common stocks of for-eign and domestic companies involved in theinformation technology sector.

In selecting the securities for the portfolio,we* considered industry designation, market capi-talization, past revenue and earnings growth rates,current revenues and earnings, revenue and earn-ings projections, balance sheet strength andvaluation. We also considered companies whichderive a substantial portion of business and/or arelocated or organized in countries throughout theworld, including the United States. Of course, aswith any similar investment, there can be noassurance that the objective of the trust will beachieved.

Under normal market conditions, the trustwill invest at least 40% of its total assets in for-eign common stocks. For this purpose, foreigncommon stocks include common stocks issued byissuers (1) organized outside of the U.S., (2) withheadquarters or principal places of businesslocated outside the U.S. or (3) doing a substantialamount of business outside the U.S. (either 50%or more of the issuer’s assets are located outsidethe U.S. or 50% or more of the issuer’s revenuesare derived outside the U.S.). Foreign commonstocks may include investments in AmericanDepositary Receipts and other depositary receipts(“ADRs”). Under normal circumstances, the trustwill invest at least 80% of its assets in securities ofinformation technology companies.


PRINCIPAL RISKS

As with all investments, you can lose moneyby investing in this trust. The trust also might notperform as well as you expect. This can happenfor reasons such as these:


• The issuer of a security may be unwilling orunable to make dividend payments in thefuture. This may reduce the level of dividendsthe trust receives which would reduce yourincome and cause the value of your unitsto fall.


• The trust is concentrated in securities issuedby companies in the information technologysector. Negative developments in theinformation technology sector will affect thevalue of your investment more than would bethe case in a more diversified investment.

• Securities of foreign companies held by thetrust present risks beyond those of U.S.issuers. These risks may include market andpolitical factors related to the company’sforeign market, international trade conditions,less regulation, smaller or less liquid markets,increased volatility, differing accountingpractices and changes in the value of foreigncurrencies.


• We do not actively manage the portfolio.Except in limited circumstances, the trust willgenerally hold, and continue to buy, sharesof the same securities even if their marketvalue declines.


WHO SHOULD INVEST


• to own a defined portfolio of stocks of foreignand domestic companies involved in theinformation technology sector.




• are uncomfortable investing in foreigncompanies or companies involved in theinformation technology sector.





Distribution dates 25th day of June andDecember

Record dates 10th day of June andDecember



Ticker Symbol GTPATX



FEES AND EXPENSES


Sales Fee


Amountper 100Units





As a %of NetAssets

Amountper 100Units



Total 0.28% $2.78

The initial sales fee is the difference between the totalsales fee (maximum of 1.85% of the unit offering price)and the sum of the remaining deferred sales fee and thetotal creation and development fee. The deferred sales fee isfixed at $0.135 per unit and is paid in three monthlyinstallments beginning on July 20, 2019. The creation anddevelopment fee is fixed at $0.05 per unit and is paid atthe end of the initial offering period (anticipated to beapproximately three months). When the public offeringprice per unit is less than or equal to $10, you will not payan initial sales fee. When the public offering price per unitis greater than $10 per unit, you will pay an initial sales fee.

EXAMPLE





Global Technology Portfolio, Series 2019-2Q(Advisors Disciplined Trust 1934)PortfolioAs of the trust inception date, April 10, 2019

Numberof Shares



Price




Communication Services — 7.43%3 GOOGL Alphabet, Inc. (4) 2.43% $1,202.69 $3,60821 FB Facebook, Inc. (4) 2.51 177.58 3,72976 TCEHY Tencent Holdings Limited (3) 2.49 48.64 3,697

Consumer Discretionary — 4.99%20 BABA Alibaba Group Holding Limited (3)(4) 2.52 187.19 3,7442 AMZN Amazon.com, Inc. (4) 2.47 1,835.84 3,672

Information Technology — 87.58%21 ACN Accenture PLC (3) 2.51 177.73 3,73214 ADBE Adobe, Inc. (4) 2.53 268.99 3,766136 AMD Advanced Micro Devices, Inc. (4) 2.49 27.24 3,70537 APH Amphenol Corporation 2.52 101.43 3,75319 AAPL Apple, Inc. 2.55 199.50 3,79012 ANET Arista Networks, Inc. (4) 2.56 317.19 3,80612 AVGO Broadcom, Inc. 2.45 303.45 3,64136 CDW CDW Corporation 2.47 101.97 3,67167 CSCO Cisco Systems, Inc. 2.49 55.18 3,69722 EPAM EPAM Systems, Inc. (4) 2.50 168.92 3,71633 FIS Fidelity National Information Services, Inc. 2.53 113.76 3,754331 INFY Infosys Limited (3) 2.48 11.15 3,69141 KEYS Keysight Technologies, Inc. (4) 2.49 90.12 3,69519 LRCX Lam Research Corporation 2.43 190.46 3,61940 MCHP Microchip Technology, Inc. 2.50 92.90 3,71631 MSFT Microsoft Corporation 2.49 119.28 3,69826 MSI Motorola Solutions, Inc. 2.46 140.78 3,66020 NVDA NVIDIA Corporation 2.55 189.26 3,78540 OKTA Okta, Inc. (4) 2.49 92.65 3,70615 PANW Palo Alto Networks, Inc. (4) 2.43 240.77 3,61235 PYPL PayPal Holdings, Inc. (4) 2.52 106.93 3,74371 RPD Rapid7, Inc. (4) 2.46 51.50 3,65624 CRM salesforce.com, Inc. (4) 2.53 156.97 3,76734 SAP SAP SE (3) 2.52 110.37 3,75316 NOW ServiceNow, Inc. (4) 2.57 238.76 3,82029 SPLK Splunk, Inc. (4) 2.53 129.69 3,76158 SSNC SS&C Technologies Holdings, Inc. 2.49 63.87 3,70488 TSM Taiwan Semiconductor Manufacturing

Company Limited (3) 2.50 42.21 3,714

(Continued)


Global Technology Portfolio, Series 2019-2Q(Advisors Disciplined Trust 1934)Portfolio (continued)As of the trust inception date, April 10, 2019

Numberof Shares



Price




Information Technology — (continued)30 TWLO Twilio, Inc. (4) 2.48% $122.70 $3,68124 V Visa, Inc. 2.54 157.49 3,78019 WEX WEX, Inc. (4) 2.54 198.40 3,77019 WDAY Workday, Inc. (4) 2.44 190.80 3,62529 XLNX Xilinx, Inc. 2.52 128.93 3,73917 ZBRA Zebra Technologies Corporation (4) 2.52 220.12 3,74245 ZEN Zendesk, Inc. (4) 2.50 82.60 3,717

100.00% $148,635

Notes to Portfolio





Cayman Islands 5.01%Germany 2.52%India 2.48%Ireland 2.51%Taiwan 2.50%United States 84.98%



INFLATION SENSITIVE DIVIDEND PORTFOLIO


The trust seeks to provide an attractive cur-rent income through dividends and a total returnthat outperforms broad equity markets and otherinflation hedge asset classes during periods ofinflation. There is no assurance the trust willachieve its objective.


The trust seeks to achieve its objective byselecting a portfolio of common stocks selectedfrom the universe of securities included in theRussell 3000T Index. The portfolio was selectedby Hartford Investment Management Company(“HIMCO”).

HIMCO used a structured quantitativeapproach to security selection focusing on infla-tion sensitivity, dividend yield and quality with agreater emphasis on inflation sensitivity. From aninflation sensitivity perspective, HIMCO soughtto identify a portfolio of securities with aboveaverage levels of inflation sensitivity to identifysecurities HIMCO believes have the potential toperform well during periods of above averageinflation. From a dividend yield perspective,HIMCO focused on securities with attractive divi-dend yields which HIMCO believes will have thepotential to be sustained and grow based on theirfundamentals. Finally, from a quality perspective,HIMCO focused on identifying companies withattractive fundamentals, focusing on solid balancesheets, high quality earnings, and attractive growthprospects (e.g. margin expansion, asset quality, lowleverage, etc.). The selection process also consid-ered the impact of potential corporate events thatHIMCO believes have the potential to alter acompany’s future fundamentals.

In selecting the trust’s portfolio, HIMCO alsoconsidered the portfolio’s industry exposures rela-tive to Global Industry Classification Standard(GICST) industry weights of the S&P 500TIndex. However, the trust’s industry weightings


may vary significantly from the industry weight-ings of the S&P 500T Index, including theexclusion of certain industries altogether.

PRINCIPAL RISKS

As with all investments, you can lose moneyby investing in this trust. The trust also might notperform as well as you expect. This can happenfor reasons such as these:


• The issuer of a security may be unwilling orunable to make dividend payments in thefuture. This may reduce the level of dividendsthe trust receives which would reduce yourincome and cause the value of your unitsto fall.


• The trust invests in securities selected byHIMCO. In the event that HIMCOincorrectly assesses an issuer’s prospects forgrowth or if HIMCO’s judgment about howother investors will value an issuer’s growth iswrong, then the price of an issuer’s stock maydecrease or not increase to the levelanticipated.


• We* do not actively manage the portfolio.Except in limited circumstances, the trust willgenerally hold, and continue to buy, shares ofthe same securities even if their market valuedeclines.



The portfolio consultant, Hartford InvestmentManagement Company, is a registered investmentadviser.

HIMCO is not an affiliate of the sponsor.HIMCO selected a list of securities to be includedin the portfolio based on the criteria provided bythe sponsor. HIMCO makes no representationsthat the portfolio will achieve the investmentobjectives or will be profitable or suitable for anyparticular potential investor. The sponsor did notselect the securities for the trust.

HIMCO may use the list of securities in itsindependent capacity as an investment adviser anddistribute this information to various individualsand entities. HIMCO may recommend to otherclients or otherwise effect transactions in the secu-rities held by the trust. This may have an adverseeffect on the prices of the securities. This also mayhave an impact on the price the trust pays for thesecurities and the price received upon unitredemptions or liquidation of the securities.HIMCO may also issue reports and make recom-mendations on securities, which may include thesecurities in the trust.

Neither HIMCO nor the sponsor managesthe trust. Opinions expressed by HIMCO are notnecessarily those of the sponsor, and may notactually prove correct. The trust will pay HIMCOa fee for selecting the trust’s portfolio. The trustwill also pay a license fee for the use of certainservice marks, trademarks, trade names and/orother property of HIMCO.


WHO SHOULD INVEST


• to own a portfolio consisting of equitysecurities.

• the potential for attractive current incomethrough dividends.

• the potential for total return that outperformsbroad equity markets and other inflation hedgeasset classes during periods of inflation.


• are uncomfortable with the risks of anunmanaged investment in equity securities.

• seek capital appreciation or capital preservationas a primary objective.







Ticker Symbol ISDAFX



FEES AND EXPENSES

The amounts below are estimates of the direct andindirect expenses that you may incur. Actual expensesmay vary.

Sales Fee


Amountper 100Units





As a %of NetAssets

Amountper 100Units


administration fees 0.10 1.00Total 0.36% $3.58

The initial sales fee is the difference between thetotal sales fee (maximum of 1.85% of the unit offeringprice) and the sum of the remaining deferred sales feeand the total creation and development fee. The deferredsales fee is fixed at $0.135 per unit and is paid in threemonthly installments beginning July 20, 2019. The cre-ation and development fee is fixed at $0.05 per unit andis paid at the end of the initial offering period (antici-pated to be approximately three months). When thepublic offering price per unit is less than or equal to$10, you will not pay an initial sales fee. When the pub-lic offering price per unit is greater than $10 per unit,you will pay an initial sales fee.

EXAMPLE



This example assumes that you continue to followthe trust strategy and roll your investment including alldistributions, into a new series of the trust each yearsubject to a sales charge of 1.85%.


Inflation Sensitive Dividend Portfolio, Series 2019-2Q —A Hartford Investment Management Company (“HIMCO”) Portfolio(Advisors Disciplined Trust 1934)PortfolioAs of the trust inception date, April 10, 2019

Numberof Shares



Price




Communication Services — 3.99%72 CMCSA Comcast Corporation 1.99% $41.04 $2,955100 VIAB Viacom, Inc. 2.00 29.71 2,971

Consumer Discretionary — 7.99%12 DPZ Domino's Pizza, Inc. 2.00 247.83 2,97448 FL Foot Locker, Inc. 1.98 61.11 2,93334 GRMN Garmin Limited (4) 2.02 88.23 3,00045 LVS Las Vegas Sands Corporation 1.99 65.53 2,949

Consumer Staples — 9.95%54 MO Altria Group, Inc. 2.00 55.11 2,97663 ENR Energizer Holdings, Inc. 2.00 47.05 2,96418 EL The Estee Lauder Companies, Inc. 1.99 163.85 2,94952 K Kellogg Company 2.00 57.16 2,97219 MKC McCormick & Company, Inc. 1.96 153.30 2,913

Energy — 14.01%36 XOM Exxon Mobil Corporation 1.99 81.93 2,94996 HAL Halliburton Company 1.99 30.81 2,95843 OKE ONEOK, Inc. 2.02 69.87 3,00430 PSX Phillips 66 1.97 97.37 2,92175 TRGP Targa Resources Corporation 2.02 39.99 2,99935 VLO Valero Energy Corporation 2.01 85.11 2,979104 WMB The Williams Companies, Inc. 2.01 28.71 2,986

Financials — 9.97%46 C Citigroup, Inc. 2.02 65.20 2,99929 CFR Cullen/Frost Bankers, Inc. 1.97 101.02 2,93086 BEN Franklin Resources, Inc. 1.98 34.26 2,94623 PNC The PNC Financial Services Group, Inc. 1.97 126.80 2,91631 PRU Prudential Financial, Inc. 2.03 97.26 3,015

Health Care — 13.95%36 ABBV AbbVie, Inc. 2.01 82.69 2,97715 AMGN Amgen, Inc. 1.95 192.98 2,89537 BAX Baxter International, Inc. 2.00 80.07 2,96362 CAH Cardinal Health, Inc. 1.98 47.34 2,93523 DHR Danaher Corporation 2.04 131.83 3,03245 GILD Gilead Sciences, Inc. 2.00 66.09 2,97433 MDT Medtronic PLC (4) 1.97 88.72 2,928

(Continued)


Inflation Sensitive Dividend Portfolio, Series 2019-2Q —A Hartford Investment Management Company (“HIMCO”) Portfolio(Advisors Disciplined Trust 1934)Portfolio (continued)As of the trust inception date, April 10, 2019

Numberof Shares



Price




Industrials — 12.01%22 CAT Caterpillar, Inc. 2.02% $136.35 $3,00018 CMI Cummins, Inc. 1.96 161.71 2,91131 DOV Dover Corporation 1.98 94.88 2,94127 IR Ingersoll-Rand PLC (4) 2.02 111.22 3,00383 JCI Johnson Controls International plc (4) 2.01 35.87 2,97718 UNP Union Pacific Corporation 2.02 166.09 2,990

Information Technology — 14.09%17 ACN Accenture PLC (4) 2.04 177.73 3,02115 AAPL Apple, Inc. 2.02 199.50 2,993152 HPQ HP, Inc. 2.01 19.59 2,97821 IBM International Business Machines Corporation 2.01 142.11 2,98425 MSFT Microsoft Corporation 2.01 119.28 2,982153 WU The Western Union Company 2.00 19.38 2,96523 XLNX Xilinx, Inc. 2.00 128.93 2,965

Materials — 8.00%61 UFS Domtar Corporation 2.01 49.00 2,98937 EMN Eastman Chemical Company 2.02 81.13 3,002108 MOS The Mosaic Company 2.00 27.44 2,96432 RS Reliance Steel & Aluminum Company 1.97 91.22 2,919

Real Estate — 4.03%22 BXP Boston Properties, Inc. 2.04 137.28 3,020111 WY Weyerhaeuser Company 1.99 26.60 2,953

Utilities — 2.01%39 D Dominion Energy, Inc. 2.01 76.39 2,979

100.00% $148,398

(Continued)


Notes to Portfolio






Ireland 8.04%Switzerland 2.02%United States 89.94%


NASDAQ Q-50 INDEXSM PORTFOLIO


The trust seeks to provide capital apprecia-tion. There is no assurance the trust will achieveits objective.


The trust seeks to provide capital apprecia-tion by investing in stocks included in theNASDAQ Q-50 IndexSM (the “Index”).

The Index is a market capitalization-weighted index designed to track theperformance of securities of companies that arenext-eligible for inclusion in the NASDAQ-100IndexT. The Index is comprised of the eligiblesecurities of companies (the “Index Securities”)ranked by market capitalization and reflects com-panies across major industry groups includingcomputer hardware and software, telecommuni-cations, retail/wholesale trade, and biotechnology.It does not contain securities of financial compa-nies, including banking and investmentcompanies, as these are ineligible for NASDAQ-100 IndexT inclusion. The Index is described ingreater detail below. The security types eligiblefor the Index include foreign or domestic stocks,ordinary shares, American Depositary Receipts(“ADRs”) and tracking stocks. References to“stocks” in the prospectus refer to all such typesof securities. The Index eligibility criteria may berevised from time to time by Nasdaq, Inc. with-out regard to the trust.

The trust seeks to invest on an ongoing basisin substantially all of the stocks that comprisethe Index. There can be no assurance that thisobjective will be met. The initial portfolio seeksto replicate the composition of the Index to theextent practicable. During the trust’s life, thetrust will change to reflect any change in thecomponent stocks in the Index. The trust willgenerally change to reflect any changes in theweightings of the components within the indexonly at the time that the Index is rebalanced.

Precise replication of the securities in the Indexmay not be achieved at the time of an Indexrebalancing because it may be economicallyimpracticable or impossible to acquire very smallnumbers of shares of certain stocks and becauseof other procedural policies of the trust.

Index Eligibility. Index eligibility is limitedto specific security types only. The security typeseligible for the Index include common stocks,ordinary shares, ADRs and tracking stocks. Secu-rity or company types not included in the Indexare closed-end funds, convertible debentures,exchange traded funds, limited liability compa-nies, limited partnership interests, preferredstocks, rights, shares or units of beneficial inter-est, warrants, units and other derivativesecurities. The Index does not contain securitiesof investment companies.

Initial Eligibility Criteria. To be eligible forinitial inclusion in the Index, a security mustmeet the existing NASDAQ-100 IndexT criteria,stated as follows:

• The issuer of the security’s primary U.S.listing must be exclusively on the NAS-DAQ Global Select Market or theNASDAQ Global Market (unless thesecurity was dually listed on anotherU.S. market prior to January 1, 2004and has continuously maintained suchlisting);

• The security must be issued by a nonfi-nancial company;

• The security may not be issued by anissuer currently in bankruptcy proceed-ings;

• The security must have average dailytrading volume of at least 200,000shares;


• If the issuer of the security is organizedunder the laws of a jurisdiction outsidethe U.S., then such security must havelisted options on a recognized optionsmarket in the U.S. or be eligible forlisted-options trading on a recognizedoptions market in the U.S. (measuredannually during the rankings review pro-cess);

• The issuer of the security may not haveentered into a definitive agreement orother arrangement which would likelyresult in the security no longer beingIndex eligible;

• The issuer of the security may not haveannual financial statements with an auditopinion that is currently withdrawn; and

• The issuer of the security must have“seasoned” on NASDAQ, NYSE orNYSE MKT (generally, a company isconsidered to be seasoned if it has beenlisted on a market for at least three fullmonths, excluding the first month of theinitial listing).

For purposes of Index eligibility criteria, ifthe security is a depositary receipt representing asecurity of a non-U.S. issuer, then references tothe “issuer” are references to the issuer of theunderlying security.

Continued Eligibility Criteria. In addition tothe criteria above, the issuer of a security musthave an adjusted market capitalization equal toor exceeding 0.10% of the aggregate adjustedmarket capitalization of the Index at eachmonth-end for continued inclusion in the Index.In the event a company does not meet this crite-rion for two consecutive month-ends, it isremoved from the Index effective after the closeof trading on the third Friday of the followingmonth.

For purposes of Index eligibility criteria, ifthe security is a depositary receipt representing asecurity of a non-U.S. issuer, then references to

the “issuer” are references to the issuer of theunderlying security.

Quarterly Evaluation. Coinciding with thequarterly calendar cycle (i.e. March, June, Sep-tember, and December), all securities that meetthe initial inclusion criteria are evaluated andranked by market value. The data used in theranking includes January, April, July and Octobermonth-end NASDAQ market data and areupdated for total shares outstanding submitted ina publicly filed Securities and Exchange Commis-sion document through the end of the monthprior to the quarterly evaluation. At such quar-terly evaluations, the eligible securities of the top50 companies by market value not currently inthe NASDAQ-100 IndexT are selected for inclu-sion in the Index. Any security additions anddeletions shall be made effective after the close oftrading on the third Friday of each March, June,September and December.

Additionally, if at any time during the yearother than the quarterly evaluations, an IndexSecurity no longer meets the Index eligibilitycriteria, or is otherwise determined by the Indexadministrator to have become ineligible for con-tinued inclusion in the Index, the security will beremoved from the Index and will not bereplaced. As a result, the Index may be com-prised of securities of less than 50 companies atcertain times. When a component security fromthe Index is added to the NASDAQ-100 IndexT,the security will be deleted from the Index andwill not be replaced. Since the Index is subject toa quarterly evaluation while the review for eli-gible NASDAQ-100 IndexT securities is done ona monthly basis, it is possible that a securityadded to the NASDAQ-100 IndexT intra-quartermay not be a constituent of the Index at thetime of addition to the NASDAQ100 IndexT. Ifa company selected for inclusion in the Indexhas more than one class of eligible securities, allsuch classes of eligible securities will be includedin the Index and weighted by market capitaliza-tion. As a result the Index may be comprised ofmore than 50 securities at certain times.


Index Information. The trust is not spon-sored, endorsed, sold or promoted by Nasdaq,Inc. or its affiliates (Nasdaq, Inc., with its affili-ates, are referred to as the “Corporations”). TheCorporations have not passed on the legality orsuitability of, or the accuracy or adequacy ofdescriptions and disclosures relating to, the trust.The Corporations make no representation orwarranty, express or implied to the owners of thetrust or any member of the public regarding theadvisability of investing in securities generally orin the trust particularly, or the ability of the Nas-daq Q-50 IndexSM to track general stock marketperformance. The Corporations’ only relationshipto Advisors Asset Management, Inc. and thetrust (“Licensee”) is in the licensing of the Nas-daqT, OMXT, NASDAQ OMXT, NasdaqQ-50SM, Nasdaq Q-50 IndexSM and NASDAQ-100 IndexT trademarks, and certain trade namesand service marks of the Corporations and theuse of the Nasdaq Q-50 IndexSM which is deter-mined, composed and calculated by NASDAQOMXT without regard to Licensee. NASDAQOMXT has no obligation to take the needs ofthe Licensee or the unitholders of the trust intoconsideration in determining, composing or cal-culating the Nasdaq Q-50 IndexSM. TheCorporations are not responsible for and havenot participated in the determination of the tim-ing of, prices at, or quantities of the trust to beissued or in the determination or calculation ofthe equation by which the trust is to be con-verted into cash. The Corporations have noliability in connection with the administration,marketing or trading of the trust.

THE CORPORATIONS DO NOT GUARANTEE THE

ACCURACY AND/OR UNINTERRUPTED CALCULATION

OF THE NASDAQ Q-50SM INDEX OR ANY DATA

INCLUDED THEREIN. THE CORPORATIONS MAKE NO

WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS

TO BE OBTAINED BY LICENSEE, OWNERS OF THE

TRUST, OR ANY OTHER PERSON OR ENTITY FROM

THE USE OF THE NASDAQ Q-50 INDEXSM

OR ANY

DATA INCLUDED THEREIN. THE CORPORATIONS

MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND

EXPRESSLY DISCLAIM ALL WARRANTIES OF

MERCHANTABILITY OR FITNESS FOR A PARTICULAR

PURPOSE OR USE WITH RESPECT TO THE NASDAQ

Q-50SM INDEX OR ANY DATA INCLUDED THEREIN.WITHOUT LIMITING ANY OF THE FOREGOING, IN

NO EVENT SHALL THE CORPORATIONS HAVE ANY

LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCI-DENTAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL

DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY

OF SUCH DAMAGES.

PRINCIPAL RISKS



• The issuer of a security may be unwilling orunable to make dividend payments in thefuture. This may reduce the level ofdividends the trust receives which wouldreduce your income and cause the value ofyour units to fall.


• The trust is concentrated in securitiesissued by companies in the informationtechnology sector. Negative developments inthis sector will affect the value of yourinvestment more than would be the case in amore diversified investment.



• The trust’s performance might notsufficiently correspond with that of itstarget index. This can happen for reasonssuch as an inability to replicate the weightingof each stock, the timing of trustrebalancings, index tracking errors, round lottrading requirements, regulatory restrictions,the time that elapses between an indexchange and a change in the trust, and trustexpenses.

• We* do not actively manage the portfolio.Except in limited circumstances, the trustwill generally hold, and continue to buy,shares of the same securities even if theirmarket value declines.



WHO SHOULD INVEST


• to own a portfolio of stocks of companiesincluded in an index.



• are uncomfortable with the risks of anunmanaged investment in stocks of companiesincluded in an index.





Distribution dates 25th day of June and DecemberRecord dates 10th day of June and December



Ticker Symbol NQFNUX



FEES AND EXPENSES


Sales Fee


Amountper 100Units





As a %of NetAssets

Amountper 100Units



Total 0.35% $3.41


EXAMPLE





NASDAQ Q-50 IndexSM Portfolio, Series 2019-2Q(Advisors Disciplined Trust 1934)PortfolioAs of the trust inception date, April 10, 2019

Numberof Shares



Price




Communication Services — 12.54%40 DISCA Discovery, Inc. - Class A (4) 0.78% $28.84 $1,15492 DISCK Discovery, Inc. - Class C (4) 1.68 26.98 2,48219 IAC IAC/InterActiveCorp (4) 2.72 211.09 4,01138 LBRDK Liberty Broadband Corporation (4) 2.41 93.58 3,55689 VIAB Viacom, Inc. 1.79 29.71 2,644117 VOD Vodafone Group PLC (3) 1.45 18.29 2,14070 YNDX Yandex N.V. (3) (4) 1.71 35.98 2,519

Consumer Discretionary — 8.97%48 GRMN Garmin Limited (3) 2.87 88.23 4,23580 LKQ LKQ Corporation (4) 1.63 30.06 2,405120 NWL Newell Brands, Inc. 1.24 15.29 1,835104 QRTEA Qurate Retail, Inc. (4) 1.18 16.76 1,74330 TSCO Tractor Supply Company 2.05 100.93 3,028

Energy — 2.78%40 FANG Diamondback Energy, Inc. 2.78 102.84 4,114

Health Care — 18.10%11 ABMD ABIOMED, Inc. (4) 2.10 281.65 3,09827 ALNY Alnylam Pharmaceuticals, Inc. (4) 1.63 88.91 2,40156 XRAY DENTSPLY SIRONA, Inc. 1.91 50.42 2,82323 DXCM DexCom, Inc. (4) 1.79 115.22 2,65074 HOLX Hologic, Inc. (4) 2.35 47.00 3,47834 IONS Ionis Pharmaceuticals, Inc. (4) 1.93 83.72 2,84622 NBIX Neurocrine Biosciences, Inc. (4) 1.33 89.31 1,96555 SNY Sanofi (3) 1.64 44.04 2,42217 SRPT Sarepta Therapeutics, Inc. (4) 1.43 124.01 2,10837 SGEN Seattle Genetics, Inc. (4) 1.99 79.40 2,938

Industrials — 11.95%35 CHRW CH Robinson Worldwide, Inc. 2.11 89.23 3,12357 CPRT Copart, Inc. (4) 2.48 64.24 3,6629 CSGP CoStar Group, Inc. (4) 2.90 475.36 4,27844 EXPD Expeditors International of Washington, Inc. 2.32 77.81 3,42421 ODFL Old Dominion Freight Line, Inc. 2.14 150.65 3,164

(Continued)


NASDAQ Q-50 IndexSM Portfolio, Series 2019-2Q(Advisors Disciplined Trust 1934)Portfolio (Continued)As of the trust inception date, April 10, 2019

Numberof Shares



Price




Information Technology — 42.41%41 AKAM Akamai Technologies, Inc. (4) 2.06% $74.32 $3,04735 DOX Amdocs Limited (3) 1.29 54.64 1,91221 ANSS ANSYS, Inc. (4) 2.65 186.66 3,92028 TEAM Atlassian Corporation PLC (3)(4) 2.13 112.15 3,14037 CDW CDW Corporation 2.55 101.97 3,77344 CGNX Cognex Corporation 1.58 53.14 2,33842 DOCU DocuSign, Inc. (4) 1.52 53.58 2,25015 FFIV F5 Networks, Inc. (4) 1.68 165.66 2,48542 FTNT Fortinet, Inc. (4) 2.48 87.31 3,66720 JKHY Jack Henry & Associates, Inc. 1.91 141.20 2,824162 MRVL Marvell Technology Group Limited (3) 2.38 21.71 3,51723 OKTA Okta, Inc. (4) 1.44 92.65 2,131102 ON ON Semiconductor Corporation (4) 1.56 22.64 2,30967 OTEX Open Text Corporation (3) 1.75 38.57 2,58430 PTC PTC, Inc. (4) 1.91 94.10 2,82331 QRVO Qorvo, Inc. (4) 1.58 75.22 2,33272 STX Seagate Technology PLC (3) 2.38 48.91 3,52136 SPLK Splunk, Inc. (4) 3.16 129.69 4,66963 SSNC SS&C Technologies Holdings, Inc. 2.72 63.87 4,02464 TRMB Trimble, Inc. (4) 1.74 40.04 2,56313 ZBRA Zebra Technologies Corporation (4) 1.94 220.12 2,862

Materials — 1.36%58 STLD Steel Dynamics, Inc. 1.36 34.68 2,011

Utilities — 1.89%60 LNT Alliant Energy Corporation 1.89 46.44 2,786

100.00% $147,734

(Continued)


Notes to Portfolio

(1) Securities are represented by contracts to purchase such securities. The value of each security is based on themost recent closing sale price or fairmarket valueof each security as of the close of regular trading on the New York Stock Exchange on the business day prior to the trust’s inception date. In accordance withAccounting Standards Codification 820, “Fair ValueMeasurements”, the trust’s investments are classified as Level 1, which refers to security prices determinedusing quoted prices in active markets for identical securities.




Bermuda 2.38%Canada 1.75%France 1.64%Guernsey 1.29%Ireland 2.38%Netherlands 1.71%Switzerland 2.87%United Kingdom 3.58%United States 82.40%



HYPOTHETICAL PERFORMANCE INFORMATION

The following table compares hypotheticalannual performance information for the Indexafter deducting the trust’s sales fees and expensesand the actual performance of the NASDAQ100IndexT in each of the years listed below (and asof the most recent month). These hypotheticalreturns do not guarantee and should not be usedto predict future performance of the trust.Returns from the trust will differ from the Indexreturns shown for several reasons, including:

• The impracticability of owning each of theIndex components with the exact weightingsat a given time;

• The possibility of Index tracking errors;

• Total return figures do not reflectcommissions paid by the trust on thepurchase of securities or taxes you will incur;

• Extraordinary market events that are notexpected to be repeated and may haveaffected performance; and

• The trust often purchases or sells securities atprices differing from the closing prices usedin buying and selling units.

You should note that while the trust isdesigned to replicate the component stocks ofthe Index during its life, there is no assurancethat this will be achieved. The Index underper-formed its comparative index in certain years andwe cannot guarantee the trust will outperformthat index over the life of the trust or over con-secutive rollover periods, if available.

Hypothetical Comparison of Total Returns

YearNASDAQ Q-50

IndexSMNASDAQ-100

Indext

2009 38.42% 54.63%2010 28.38 20.072011 -3.55 3.612012 25.27 18.332013 44.88 36.902014 -0.80 19.362015 7.27 9.752016 3.44 7.252017 30.88 32.972018 -12.22 0.042019 thru 03/31 13.62 16.89

+ these returns are the result of extraordinary market events andare not expected to be repeated.

Past performance is no guarantee of futureresults. The above is not the past performance ofthe trust or a previous series of any trust and doesnot indicate the future performance of the trust.The actual returns of the trust will vary from theperformance of the Index due to sales charges andexpenses and because after the trust’s formation, thestocks in the Index may change, or their amountsmay be adjusted or rebalanced and these changeswill only be reflected in the composition of thetrust as described in this prospectus.

The Index is a market capitalization-weightedindex designed to track the performance of securi-ties that are next-eligible for inclusion in theNASDAQ-100 IndexT as described in greater detailherein. The NASDAQ-100 IndexT is an index thatincludes 100 of the largest domestic and interna-tional non-finance companies listed on TheNASDAQ Stock Market based on market capital-ization. The indexes are unmanaged, not subject tofees, and not available or direct investment. It isnot possible to invest directly in an index.

The publishers of the indexes are not affili-ated with us and have not participated increating the trust or selecting the securities forthe trust, nor have they reviewed or approved ofany of the information contained herein.

Your trust will pay a license fee to Nasdaq,Inc. for the use of NASDAQ Q-50 IndexSM andrelated data and trademarks/service marks.


STRATEGIC HIGH 50t / Q-50 DIVIDEND AND

GROWTH PORTFOLIO


The trust seeks to provide above averageincome and potential for growth. There is noassurance the trust will achieve its objective.


The trust invests in a diversified portfolioconsisting of two equally-weighted components:

• High 50T Dividend Strategy—a specializeddividend-oriented strategy that seeks toprovide above average total return selected asof April 5, 2019.

• NASDAQ Q-50 IndexSM Strategy—a strategythat selects the largest eligible class ofsecurities by market capitalization of eachcompany included in the NASDAQ Q-50IndexSM as of April 5, 2019. The NASDAQQ-50 IndexSM is designed to track theperformance of securities of companies thatare next eligible for inclusion in theNASDAQ-100 IndexT.

The strategies are described in greater detailbelow. We* selected these components in aneffort to provide an enhanced total return whilereducing overall portfolio volatility throughdiversification of securities and investment strate-gies. The trust invests in each component inapproximately equal weightings with the stockswithin each components in approximately equalweightings as of the trust’s inception and theweightings will vary thereafter in accordance withfluctuations in stock prices.

Certain securities may be selected for inclu-sion in both components. When a security isselected by both components, the portfolio’sweighting of such security at inception will beapproximately double what it would have beenhad the security only been selected by only onecomponent.


Please note that we applied the strategy toselect the portfolio at a particular time. If wecreate additional units of the trust after thetrust’s inception date, the trust will purchase thesecurities originally selected by applying the strat-egy. This is true even if a later application of thestrategy would have resulted in the selection ofdifferent securities. We currently offer separateunit investment trusts that invest according tothe same or similar investment strategies. Thecomponents, portfolio securities and structure ofthe trust offered in this prospectus may differ incertain respects from those other trusts we maybe offering that use similar investment strategies.

The following describes the two componentsof the trust’s portfolio. The NASDAQ Q-50IndexSM may comprise less than 50 companies atthe trust’s inception resulting in the NASDAQQ-50 IndexSM Strategy component consisting offewer than 50 securities for the life of the trust.

High 50T Dividend Strategy. This compo-nent invests in stocks selected using a specializeddividend-oriented strategy that seeks to provideabove average total return. We selected this com-ponent using the following strategy:

• We begin with the companies includedin the New York Stock Exchange(NYSE) Composite Index, Nasdaq Com-positeT Index and NYSE MKTComposite Index.

• Stocks are eliminated if at the time ofselection:

• the company’s stock marketcapitalization is $1 billion or less,

• the company’s headquarters islocated outside the United States,

• the stocks are securities of limitedpartnerships, exchange-traded funds,investment companies or shares ofbeneficial interest to the extent suchsecurities are not otherwise excludedfrom the composition of the indexes.


• Of the remaining stocks we select thefive securities with the highest dividendyields as of April 5, 2019 from theremaining securities of companies ineach of the nine Global Industry Classi-fication Standard (GICST) sectors otherthan the Financials and Real Estate sec-tors and the five securities with thehighest dividend yields as of April 5,2019 from the remaining securities ofcompanies in the Financials and RealEstate GICST sectors combined (for atotal of 50 securities). The trust investsin these 50 stocks in approximatelyequal weightings. Effectively, after Sep-tember 1, 2016 the strategy seeks totreat the new Real Estate GICST sectoras if it was still positioned under theFinancials GICST sector (as it was priorto September 1, 2016).

The eleven industry sectors used in the strat-egy are the GICST sectors published by S&PDow Jones Indices and MSCI Inc. Please notethat we applied the strategy to select the portfo-lio at a particular time. If we create additionalunits of the trust after the trust’s inception date,the trust will purchase the securities originallyselected by applying the strategy. This is trueeven if a later application of the strategy wouldhave resulted in the selection of different securi-ties. In addition, companies which, based onpublicly available information as of two businessdays prior to the date of this prospectus, are thetarget of an announced business acquisitionwhich we expect will happen, within six monthsof the date of this prospectus have been excludedfrom the universe of securities from which thetrust’s securities are selected.

This component begins with the NYSEComposite Index, the Nasdaq CompositeT Indexand the NYSE MKT Composite Index. TheNYSE Composite Index is designed to measurethe performance of all common stocks listed onthe NYSE, including American DepositoryReceipts (ADRs), real estate investment trusts(REITs) and tracking stocks. All closed-end

funds, exchange-traded funds, limited partner-ships and derivatives are excluded from theindex. The Nasdaq CompositeT Index measuresall domestic and international based commontype stocks traded on The Nasdaq Stock Market.To be eligible for inclusion in this index thesecurity’s U.S. listing must be exclusively on TheNasdaq Stock Market (with certain exceptions),and have a security type of ADRs, commonstock, limited partnership interests, ordinaryshares, REITs, shares of beneficial interest ortracking stocks. Security types not included inthis index are closed-end funds, convertibledebentures, exchange-traded funds, preferredstocks, rights, warrants, units and other deriva-tive securities. The NYSE MKT CompositeIndex is an index representing the aggregate valueof the common shares or ADRs of all NYSEMKT-listed companies, REITs, master limitedpartnerships and closed-end investment compa-nies. The publishers of the indexes are notaffiliated with us and have not participated increating the trust or selecting the securities forthe trust, nor have they reviewed or approved ofany of the information contained herein.

NASDAQ Q-50 IndexSM Strategy. Thiscomponent invests in the largest eligible class ofsecurities by market capitalization included in theNASDAQ Q-50 IndexSM (the “Index”) as of theportfolio selection date. While the Index is mar-ket capitalization-weighted, the trust will seek toinvest in each of the strategy’s securities inapproximately equal weightings as of the trust’sinception and the weightings will vary thereafterin accordance with fluctuations in stock prices.

The Index is a market capitalization-weighted index designed to track theperformance of securities of companies that arenext-eligible for inclusion in the NASDAQ-100IndexT. The Index is generally comprised of theeligible securities of companies (the “Index Secu-rities”) ranked by market capitalization andreflects companies across major industry groupsincluding computer hardware and software, tele-communications, retail/wholesale trade, andbiotechnology. As described under “Quarterly


Evaluations” below, the Index may be comprisedof securities of less than 50 companies at certainpoints in time. It does not contain securities offinancial companies, including banking andinvestment companies, as these are ineligible forNASDAQ-100 IndexT inclusion.

Index Eligibility. Index eligibility is limited tospecific security types only. The security typeseligible for the Index include foreign or domesticcommon stocks, ordinary shares, ADRs andtracking stocks. Security types not included inthe Index are closed-end funds, convertibledebentures, exchange traded funds, limited liabil-ity companies, limited partnership interests,preferred stocks, rights, shares or units of benefi-cial interest, warrants, units and other derivativesecurities. The Index does not contain securitiesof investment companies.

Initial Eligibility Criteria. To be eligible forinitial inclusion in the Index, a security mustmeet the existing NASDAQ-100 IndexT criteria,stated as follows:

• The issuer of the security’s primary U.S.listing must be exclusively on the NAS-DAQ Global Select Market or theNASDAQ Global Market (unless thesecurity was dually listed on anotherU.S. market prior to January 1, 2004and has continuously maintainedsuch listing);

• The security must be of a non-financialcompany;

• The security may not be issued byan issuer currently in bankruptcyproceedings;

• The security must have average dailytrading volume of at least 200,000shares;

• If the issuer of the security is organizedunder the laws of a jurisdiction outsidethe U.S., then such security must havelisted options on a recognized optionsmarket in the U.S. or be eligible for

listed-options trading on a recognizedoptions market in the U.S. (measuredannually during the rankings reviewprocess;

• The issuer of the security may not haveentered into a definitive agreement orother arrangement which would likelyresult in the security no longer beingIndex eligible;

• The issuer of the security may not haveannual financial statements with an auditopinion that is currently withdrawn;

• The issuer of the security must have“seasoned” on NASDAQ, NYSE orNYSE MKT (generally, a company isconsidered to be seasoned if it has beenlisted on a market for at least three fullmonths excluding the first month ofinitial listing).

For purposes of Index eligibility criteria, ifthe security is a depositary receipt representing asecurity of a non-U.S. issuer, then references tothe “issuer” are references to the issuer of theunderlying security.

Continued Eligibility Criteria. In addition tothe criteria above, the issuer of a security musthave an adjusted market capitalization equal toor exceeding 0.10% of the aggregate adjustedmarket capitalization of the Index at eachmonth-end for continued inclusion in the Index.

Quarterly Evaluation. Coinciding with thequarterly calendar cycle (i.e. March, June, Sep-tember, and December), all securities that meetthe initial inclusion criteria are evaluated andranked by market value. The data used in theranking includes January, April, July and Octobermonth-end NASDAQ market data and areupdated for total shares outstanding submitted ina publicly filed Securities and Exchange Commis-sion document through the end of the monthprior to the quarterly evaluation. At such quar-terly evaluations, the eligible securities of the top50 companies by market value are selected forinclusion in the Index. Any security additions


and deletions shall be made effective after theclose of trading on the third Friday of eachMarch, June, September and December.

Additionally, if at any time during the yearother than the quarterly evaluations, an IndexSecurity no longer meets the Index inclusioncriteria, or is otherwise determined by the Indexadministrator to have become ineligible for con-tinued inclusion in the Index, the security will bedeleted and will not be replaced. As a result, theIndex may consist of securities of less than 50companies at the trust’s inception resulting in theNASDAQ Q-50 IndexSM Strategy componentconsisting of fewer than 50 stocks for the life ofthe trust. When a component security from theIndex is added to the NASDAQ-100 IndexT, thesecurity will be deleted from the Index and willnot be replaced. Since the Index is subject to aquarterly evaluation while the review for eligibleNASDAQ-100 IndexT securities is done on amonthly basis, it is possible that a security addedto the NASDAQ-100 IndexT intra-quarter maynot be a constituent of the Index at the time ofaddition to the NASDAQ-100 IndexT. If a com-pany selected for inclusion in the Index has morethan one class of eligible securities, all suchclasses of eligible securities will be included inthe Index. However, the NASDAQ Q-50IndexSM Strategy only selects the largest eligibleclass of securities by market capitalization of eachcompany for inclusion in the trust’s portfolio.

Index Information. The trust is not spon-sored, endorsed, sold or promoted by Nasdaq,Inc. or its affiliates (Nasdaq, Inc., with its affili-ates, are referred to as the “Corporations”). TheCorporations have not passed on the legality orsuitability of, or the accuracy or adequacy ofdescriptions and disclosures relating to, the trust.The Corporations make no representation orwarranty, express or implied to the owners of thetrust or any member of the public regarding theadvisability of investing in securities generally orin the trust particularly, or the ability of the Nas-daq Q-50 IndexSM to track general stock marketperformance. The Corporations’ only relationshipto Advisors Asset Management, Inc. and the

trust (“Licensee”) is in the licensing of the Nas-daqT, OMXT, NASDAQ OMXT, NasdaqQ-50SM, and Nasdaq Q-50 IndexSM registeredtrademarks, and certain trade names and servicemarks of the Corporations and the use of theNasdaq Q-50 IndexSM which is determined,composed and calculated by NASDAQ OMXTwithout regard to Licensee. NASDAQ OMXThas no obligation to take the needs of theLicensee or the owners of the trust into consider-ation in determining, composing or calculatingthe Nasdaq Q-50 IndexSM. The Corporations arenot responsible for and have not participated inthe determination of the timing of, prices at, orquantities of the trust to be issued or in thedetermination or calculation of the equation bywhich the trust is to be converted into cash. TheCorporations have no liability in connectionwith the administration, marketing or trading ofthe trust.

THE CORPORATIONS DO NOT GUARANTEE THE

ACCURACY AND/OR UNINTERRUPTED CALCULATION

OF THE NASDAQ Q-50 INDEXSM

OR ANY DATA

INCLUDED THEREIN. THE CORPORATIONS MAKE NO

WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS

TO BE OBTAINED BY LICENSEE, OWNERS OF THE

TRUST, OR ANY OTHER PERSON OR ENTITY FROM

THE USE OF THE NASDAQ Q-50 INDEXSM

OR ANY

DATA INCLUDED THEREIN. THE CORPORATIONS

MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND

EXPRESSLY DISCLAIM ALL WARRANTIES OF MER-CHANTABILITY OR FITNESS FOR A PARTICULAR

PURPOSE OR USE WITH RESPECT TO THE NASDAQ

Q-50 INDEXSM

OR ANY DATA INCLUDED THEREIN.WITHOUT LIMITING ANY OF THE FOREGOING, IN

NO EVENT SHALL THE CORPORATIONS HAVE ANY

LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCI-DENTAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL

DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY

OF SUCH DAMAGES.


Please note that we applied the strategy toselect the portfolio at a particular time. If wecreate additional units of the trust after thetrust’s inception date, the trust will purchase thesecurities originally selected by applying the strat-egy. This is true even if a later application of thestrategy would have resulted in the selection ofdifferent securities. In addition, companieswhich, based on publicly available information asof two business days prior to the date of thisprospectus, are the target of an announced busi-ness acquisition which we expect will happenwithin six months of the date of this prospectushave been excluded from the universe of securi-ties from which the trust’s securities are selected.

PRINCIPAL RISKS





• The trust is concentrated in securitiesissued by companies in the informationtechnology sector. Negative developments inthis sector will affect the value of yourinvestment more than would be the case in amore diversified investment.


• The trust’s performance might notsufficiently correspond to publishedhypothetical back-tested performance ofthe trust’s strategy. This can happen forreasons such as an inability to exactlyreplicate the weightings of stocks in thestrategy or be fully invested, timing ofthe trust offering or timing of yourinvestment, and trust expenses. Hypotheticalback-tested performance is not actualpast performance of this or any trust.Hypothetical back-tested performance isbased on application of a trust’s investmentstrategy as of a particular time.

• We do not actively manage the portfolio.Except in limited circumstances, the trustwill hold, and continue to buy, shares of thesame securities even if their market valuedeclines.


WHO SHOULD INVEST


• to own a defined portfolio of securities selectedbased on two distinct investment strategies.

• to pursue a long-term investment strategy thatincludes investment in subsequent portfolios, ifavailable.

• the potential to receive above average incomeand potential for growth.


• are uncomfortable with the risks of anunmanaged investment in the securities held bythe trust.

• are uncomfortable with the trust’s strategies.

• seek aggressive growth without current income.








Ticker Symbol HFQFZX



FEES AND EXPENSES

The amounts below are estimates of the direct andindirect expenses that you may incur based on a$10 unit price. Actual expenses may vary.

Sales Fee


Amountper 100Units





As a %of NetAssets

Amountper 100Units



Total 0.35% $3.43


EXAMPLE





Strategic High 50t / Q-50 Dividend and Growth Portfolio, Series 2019-2Q(Advisors Disciplined Trust 1934)PortfolioAs of the trust inception date, April 10, 2019

Numberof Shares



Price




Communication Services — 10.99%92 AMC AMC Entertainment Holdings, Inc. 1.00% $16.15 $1,48647 T AT&T, Inc. 1.01 31.75 1,492120 CTL CenturyLink, Inc. 1.00 12.39 1,48755 DISCK Discovery, Inc. - Class C (4) 1.00 26.98 1,484146 GCI Gannett Company, Inc. 1.00 10.11 1,4767 IAC IAC/InterActiveCorp (4) 1.00 211.09 1,47816 LBRDK Liberty Broadband Corporation (4) 1.01 93.58 1,49725 VZ Verizon Communications, Inc. 0.98 58.40 1,46050 VIAB Viacom, Inc. 1.00 29.71 1,48681 VOD Vodafone Group PLC (3) 1.00 18.29 1,48241 YNDX Yandex N.V. (3) (4) 0.99 35.98 1,475

Consumer Discretionary — 10.02%161 F Ford Motor Company 1.00 9.21 1,483150 GME GameStop Corporation 0.99 9.82 1,47317 GRMN Garmin Limited (3) 1.01 88.23 1,50055 LB L Brands, Inc. 1.00 27.00 1,48549 LKQ LKQ Corporation (4) 0.99 30.06 1,47397 NWL Newell Brands, Inc. 1.00 15.29 1,48388 QRTEA Qurate Retail, Inc. (4) 0.99 16.76 1,47530 SIX Six Flags Entertainment Corporation 1.02 50.31 1,50915 TSCO Tractor Supply Company 1.02 100.93 1,51457 TUP Tupperware Brands Corporation 1.00 26.01 1,483

Consumer Staples — 4.98%27 MO Altria Group, Inc. 1.00 55.11 1,48862 BGS B&G Foods, Inc. 1.01 24.04 1,49145 KHC The Kraft Heinz Company 1.00 32.95 1,48317 PM Philip Morris International, Inc. 0.98 85.84 1,459141 VGR Vector Group Limited 0.99 10.42 1,469

Energy — 5.95%146 AROC Archrock, Inc. 1.00 10.13 1,47935 CVI CVR Energy, Inc. 0.99 41.77 1,46214 FANG Diamondback Energy, Inc. 0.97 102.84 1,44025 HP Helmerich & Payne, Inc. 0.98 58.13 1,45396 SEMG SemGroup Corporation 1.00 15.44 1,48252 WMB The Williams Companies, Inc. 1.01 28.71 1,493

(Continued)


Strategic High 50t / Q-50 Dividend and Growth Portfolio, Series 2019-2Q(Advisors Disciplined Trust 1934)Portfolio (Continued)As of the trust inception date, April 10, 2019

Numberof Shares



Price




Financials — 3.01%56 APAM Artisan Partners Asset Management, Inc. 1.01% $26.75 $1,498243 NYMT New York Mortgage Trust, Inc. 1.00 6.11 1,485110 TWO Two Harbors Investment Corporation 1.00 13.50 1,485

Health Care — 14.85%18 ABBV AbbVie, Inc. 1.00 82.69 1,4885 ABMD ABIOMED, Inc. (4) 0.95 281.65 1,40816 ALNY Alnylam Pharmaceuticals, Inc. (4) 0.96 88.91 1,42331 CAH Cardinal Health, Inc. 0.99 47.34 1,46828 CVS CVS Health Corporation 1.01 53.72 1,50429 XRAY DENTSPLY SIRONA, Inc. 0.99 50.42 1,46213 DXCM DexCom, Inc. (4) 1.01 115.22 1,49822 GILD Gilead Sciences, Inc. 0.98 66.09 1,45432 HOLX Hologic, Inc. (4) 1.01 47.00 1,50418 IONS Ionis Pharmaceuticals, Inc. (4) 1.02 83.72 1,50716 NBIX Neurocrine Biosciences, Inc. (4) 0.96 89.31 1,42967 PDCO Patterson Companies, Inc. 1.00 22.06 1,47834 SNY Sanofi (3) 1.01 44.04 1,49712 SRPT Sarepta Therapeutics, Inc. (4) 1.00 124.01 1,48818 SGEN Seattle Genetics, Inc. (4) 0.96 79.40 1,429

Industrials — 10.00%76 AYR Aircastle Limited (3) 1.00 19.45 1,47817 CHRW CH Robinson Worldwide, Inc. 1.02 89.23 1,51723 CPRT Copart, Inc. (4) 1.00 64.24 1,4783 CSGP CoStar Group, Inc. (4) 0.96 475.36 1,42685 CVA Covanta Holding Corporation 0.99 17.31 1,47119 EXPD Expeditors International of Washington, Inc. 1.00 77.81 1,47836 MIC Macquarie Infrastructure Corporation 1.01 41.69 1,50110 ODFL Old Dominion Freight Line, Inc. 1.02 150.65 1,50722 PCAR PACCAR, Inc. 1.02 68.40 1,50510 WSO Watsco, Inc. 0.98 144.72 1,447

(Continued)



Numberof Shares



Price




Information Technology — 26.15%20 AKAM Akamai Technologies, Inc. (4) 1.00% $74.32 $1,48627 DOX Amdocs Limited (3) 1.00 54.64 1,4758 ANSS ANSYS, Inc. (4) 1.01 186.66 1,49313 TEAM Atlassian Corporation PLC (3) (4) 0.98 112.15 1,45815 CDW CDW Corporation 1.03 101.97 1,53028 CGNX Cognex Corporation 1.00 53.14 1,48828 DOCU DocuSign, Inc. (4) 1.01 53.58 1,5009 FFIV F5 Networks, Inc. (4) 1.01 165.66 1,49117 FTNT Fortinet, Inc. (4) 1.00 87.31 1,48410 IBM International Business Machines Corporation 0.96 142.11 1,42111 JKHY Jack Henry & Associates, Inc. 1.05 141.20 1,55369 MRVL Marvell Technology Group Limited (3) 1.01 21.71 1,49816 OKTA Okta, Inc. (4) 1.00 92.65 1,48265 ON ON Semiconductor Corporation (4) 0.99 22.64 1,47239 OTEX Open Text Corporation (3) 1.02 38.57 1,50416 PTC PTC, Inc. (4) 1.02 94.10 1,50620 QRVO Qorvo, Inc. (4) 1.02 75.22 1,50426 QCOM QUALCOMM, Inc. 1.01 57.44 1,49331 STX Seagate Technology PLC (3) 1.02 48.91 1,51611 SPLK Splunk, Inc. (4) 0.96 129.69 1,42723 SSNC SS&C Technologies Holdings, Inc. 0.99 63.87 1,469159 TIVO TiVo Corporation 1.00 9.34 1,48537 TRMB Trimble, Inc. (4) 1.00 40.04 1,48130 WDC Western Digital Corporation 1.01 50.11 1,50377 WU The Western Union Company 1.01 19.38 1,4927 ZBRA Zebra Technologies Corporation (4) 1.04 220.12 1,541

Materials — 6.01%26 CMP Compass Minerals International, Inc. 1.00 57.10 1,48531 GEF/B Greif, Inc. 0.99 47.26 1,465107 KRO Kronos Worldwide, Inc. 1.00 13.83 1,48040 SWM Schweitzer-Mauduit International, Inc. 1.01 37.32 1,49343 STLD Steel Dynamics, Inc. 1.01 34.68 1,49138 WRK Westrock Company 1.00 38.92 1,479

Real Estate — 1.98%167 SNH Senior Housing Properties Trust 0.99 8.77 1,465276 WPG Washington Prime Group, Inc. 0.99 5.34 1,474

(Continued)



Numberof Shares



Price




Utilities — 6.06%32 LNT Alliant Energy Corporation 1.00% $46.44 $1,486103 CWEN/A Clearway Energy, Inc. 1.00 14.45 1,48820 D Dominion Energy, Inc. 1.03 76.39 1,52867 PEGI Pattern Energy Group, Inc. 1.00 22.14 1,48347 PPL PPL Corporation 1.01 32.00 1,50429 SO The Southern Company 1.02 51.95 1,507

100.00% $148,273

Notes to Portfolio





Bermuda 2.01%Canada 1.02%France 1.01%Guernsey 1.00%Ireland 1.02%Netherlands 0.99%Switzerland 1.01%United Kingdom 1.98%United States 89.96%



HYPOTHETICAL BACK-TESTED

PERFORMANCE INFORMATION

The following table compares hypotheticalback-tested performance information for thestrategy employed by the trust, the High 50TDividend Strategy, the NASDAQ Q-50 IndexSM

Strategy, and the actual performance of the Stan-dard & Poor’s 500 Index in each of the yearslisted (and as of the most recent month end).These hypothetical back-tested returns do notguarantee and should not be used to predictfuture performance of the trust. Returns fromthe trust will differ from the hypothetical strat-egy returns for several reasons, including:

• total return figures shown do not reflectcommissions paid by the trust on thepurchase of securities or taxes you willincur;

• strategy returns are for calendar years(and through the most recent month),while trusts begin and end on variousdates;

• extraordinary market events that we havenot expected to be repeated and mayhave affected performance;

• the trust has a scheduled term longerthan one year;

• the trust may not be fully invested at alltimes or equally weighted in all stockscomprising its strategy; and

• the trust often purchases or sells securi-ties at prices different from the closingprices used in buying and selling units.

You should note that the trust is notdesigned to parallel movements in any index,and it is not expected that it will do so. In fact,the trust’s strategy underperformed its compara-tive indexes in certain years and we cannotguarantee that the trust will outperform anyindex over the life of the trust or over consecu-tive rollover periods, if available.

Hypothetical Back-Tested Comparison of Total Returns

Year

Strategic High50t/Q-50

Dividend andGrowthStrategy

HypotheticalPerformance

High 50tDividendStrategy

HypotheticalPerformance

NASDAQQ-50 IndexSM

StrategyHypotheticalPerformance

Standard &Poor’s 500Index

2009 46.70%+ 42.09% 51.62%+ 26.45%2010 22.94 18.95 27.26 15.082011 1.11 6.12 -3.58 2.082012 12.43 7.68 17.50 15.982013 32.77 24.71 41.15 32.362014 5.09 9.64 0.85 13.652015 -3.62 -13.73 6.81 1.382016 14.56 22.38 7.05 11.932017 17.07 7.80 26.66 21.802018 -14.03 -14.44 -13.30 -4.392019 thru 03/31 12.04 10.44 13.95 13.65

Source: Bloomberg L.P.+ these returns are the result of extraordinary market events and are notexpected to be repeated.

Hypothetical back-tested performance is noguarantee of future results. Hypothetical back-tested performance of the trust strategy (StrategicHigh 50T/Q-50 Dividend and Growth Strategy),High 50T Dividend Strategy and NASDAQQ-50 IndexSM Strategy stocks (the “strategystocks”) is hypothetical (and does not representany actual trust), is shown for illustrative pur-poses only and is not intended to indicate thefuture performance of any investment, includingthe trust. The strategy stocks for a given yearconsist of the common stocks selected by apply-ing the strategy as of the beginning of the period(and not the date the trust actually sells units).The hypothetical back-tested performance of thestrategy stocks for 1 of the 11 periods shown arethe result of extraordinary market events and arenot expected to be repeated.

Securities are selected through application ofa strategy at a particular point in time and if asecurity which is a component of a strategy ismerged out of existence, de-listed or suffers asimilar fate during the period in which the strat-egy performance is being measured, such securitywill not be replaced by another security duringthat period. The strategy is not rebalancedduring each one year period and as a result the


stocks used for determining hypothetical back-tested performance will not take into accountsubsequent changes to the indexes used as astarting point for the strategy. Total return repre-sents the sum of the change in market value ofeach group of stocks between the first and lasttrading day of a period plus the total dividendspaid on each group of stocks during such perioddivided by the opening market value of eachgroup of stocks as of the first trading day of aperiod. Total return figures shown above in thetable assume that all dividends are reinvestedsemi-annually. Strategy figures reflect the deduc-tion of sales charges and expenses but have notbeen reduced by estimated brokerage commis-sions and other transaction costs paid by thetrust in acquiring securities or any taxes incurredby investors. Hypothetical back-tested returns arehypothetical, meaning that they do not representactual trading, and, thus, may not reflect mate-rial economic and market factors, such asliquidity constraints, that may have had animpact on actual decision making. The hypo-thetical performance is the retroactive applicationof the strategy designed with the full benefit ofhindsight.

Prior to the market close on August 31,2016, there were ten GICST sectors and after themarket close on August 31, 2016, a new RealEstate GICST sector was added, elevating itsposition from under the Financials GICST sector,bringing the total number of GICST sectors toeleven. Prior to August 31, 2016, the High 50TDividend Strategy selected five securities from(after the application of certain screens) each ofthe then existing ten GICST sectors. AfterAugust 31, 2016, the High 50T Dividend Strat-egy selects five securities from each of the nineGICST sectors other than the Financials andReal Estate sectors and five additional securitiesfrom the Financials and Real Estate GICST sec-tors combined (for a total of 50 securities) afterthe application of certain screens. The hypotheti-cal back-tested performance for 2016 and earlierare based on the High 50T Dividend Strategywith ten GICST sectors.

The Standard & Poor’s 500 Index is anindex that includes a representative sample of500 leading companies in leading industries ofthe U.S. economy. Although the Standard &Poor’s 500 Index focuses on the large-cap seg-ment of the market, with over 80% coverage ofU.S. equities, it is also often considered a proxyfor the total U.S. stock market. The indexes areunmanaged, not subject to fees, and not availablefor direct investment.

The publisher of the index is not affiliatedwith us and has not participated in creating thetrust or selecting the securities for the trust, norhas the publisher reviewed or approved of any ofthe information contained herein.

Your trust will pay a license fee to Nasdaq,Inc. for the use of NASDAQ Q-50 IndexSM andrelated data and trademarks/service marks.


TODD INTERNATIONAL INTRINSIC VALUE PORTFOLIO




The trust seeks to provide above averagetotal return primarily through capital apprecia-tion by investing in a portfolio primarilyconsisting of securities issued by companies head-quartered and/or domiciled outside the U.S. thatTodd Asset Management LLC (the “PortfolioConsultant”) believes can take advantage of thecurrent economic landscape. Portfolio Consultantbelieves price-to-intrinsic value ratio (“P/IV”)could potentially be the most effective funda-mental calculation to determine the truevaluation of a security. Portfolio Consultant cal-culates P/IV by dividing a security’s currentmarket price by the Portfolio Consultant’s assess-ment of a security’s underlying value includingboth tangible and intangible factors. The Portfo-lio Consultant employed a proprietary multi-factor model ranking tool that combines theintrinsic value discipline with elements of attrac-tive valuation, improving fundamentals andmarket acceptance to identify its view of theprobability of outperformance for a given secu-rity. The Portfolio Consultant combines theseinto a comprehensive, disciplined process withrisk controls.

The selection process started by establishinga universe of eligible securities considering onlyU.S. exchange listed American DepositaryReceipts (“ADRs”) and U.S. exchange listed secu-rities of other foreign companies receiving agreater than or equal to B- rating from the Port-folio Consultant using their proprietary,internally generated measure of quality. Thisquality rating is generated based on safety, profit-ability, growth and return to shareholder and

ranges from C- to A+. That universe was furtherreduced based on each security’s P/IV.

From those securities, the strategy focused onevaluating securities based on Portfolio Consul-tant’s multi-factor ranking model which soughtto identify securities with attractive valuations,fundamental strength and market acceptance fac-tors with the following focuses:

• Valuation: attractive P/IV and price-to-earnings ratio;

• Attractive fundamentals: positive earningstrends and momentum coupled withfinancial strength; and

• Market acceptance: traditional technicalanalysis measures.

From those securities, the Portfolio Consul-tant performed a fundamental review of thesecurities by reducing eligible securities to 250based on attractive P/IV, verifying the variousP/IV inputs (long-term growth rate, normalizedearnings per share and quality ratings) and per-forming a fundamental review on prospectivesecurities.

Finally, the Portfolio Consultant selected afinal portfolio of securities it determined werelarge-cap securities, were high quality, wereattractively priced and had attractive prospects.The Portfolio Consultant sought to providediversification across geographic regions andmultiple industry sectors as of the trust’sinception date.

Under normal market conditions, the trustwill invest at least 40% of its total assets in for-eign securities. For this purpose, foreign securitiesinclude securities issued by issuers (1) organizedoutside of the U.S., (2) with headquarters orprincipal places of business located outside theU.S. or (3) doing a substantial amount of busi-ness outside the U.S. (either 50% or more of theissuer’s assets are located outside the U.S. or 50%or more of the issuer’s revenues are derived out-side the U.S.). Foreign securities may includeinvestments in ADRs and other depositaryreceipts.


PRINCIPAL RISKS





• Securities of foreign companies held by thetrust present risks beyond those of U.S.issuers. These risks may include market andpolitical factors related to the company’sforeign market, international tradeconditions, less regulation, smaller or lessliquid markets, increased volatility, differingaccounting practices and changes in thevalue of foreign currencies.




The Portfolio Consultant, Todd Asset Manage-ment LLC, is a registered investment adviser. ThePortfolio Consultant is not an affiliate of the sponsor.The Portfolio Consultant makes no representationsthat the portfolio will achieve the investmentobjectives or will be profitable or suitable for any par-ticular potential investor. The sponsor did not selectthe securities for the trust.

The Portfolio Consultant and/or its affiliates mayuse the list of securities in its independent capacity asan investment adviser and distribute this informationto various individuals and entities. The Portfolio Con-sultant and/or its affiliates may recommend to otherclients or otherwise effect transactions in the securitiesheld by the trust. This may have an adverse effect onthe prices of the securities. This also may have animpact on the price the trust pays for the securitiesand the price received upon unit redemptions or liq-uidation of the securities. The Portfolio Consultantand/or its affiliates also may issue reports and makesrecommendations on securities, which may includethe securities in the trust.

Neither the Portfolio Consultant nor the sponsormanages the trust. Opinions expressed by the Portfo-lio Consultant are not necessarily those of thesponsor, and may not actually come to pass. The trustwill pay the Portfolio Consultant a fee for selectingthe trust’s portfolio. The trust will also pay a licensefee for the use of certain service marks, trademarks,trade names and/or other property of the PortfolioConsultant.


WHO SHOULD INVEST


• to own a defined portfolio consisting primarilyof stocks of foreign companies.



• are uncomfortable with the risks of anunmanaged investment consisting primarily ofstocks of foreign companies.









Ticker Symbol TIVAEX



FEES AND EXPENSES


Sales Fee


Amountper 100Units





As a %of NetAssets

Amountper 100Units



Total 0.33% $3.26


EXAMPLE





Todd International Intrinsic Value Portfolio, Series 2019-2Q(Advisors Disciplined Trust 1934)PortfolioAs of the trust inception date, April 10, 2019

Numberof Shares

TickerSymbol Issuer(1)(3)


Price



EQUITY SECURITIES — 100.00%

Communication Services — 10.34%8 BIDU Baidu, Inc. (4) 0.97% $181.00 $1,448

240 MBT Mobile TeleSystems PJSC 1.29 7.98 1,91539 MOMO Momo, Inc. (4) 1.02 38.98 1,5206 NTES NetEase, Inc. 1.12 276.72 1,66056 NTTYY Nippon Telegraph & Telephone Corporation 1.55 40.97 2,29448 SFTBY SoftBank Group Corporation 1.57 48.45 2,32664 YNDX Yandex N.V. (4) 1.55 35.98 2,30322 YY YY, Inc. (4) 1.27 85.79 1,887

Consumer Discretionary — 11.33%10 BABA Alibaba Group Holding Limited (4) 1.26 187.19 1,87235 APTV Aptiv PLC 2.06 87.51 3,06353 CUK Carnival PLC 1.83 51.11 2,70931 LVMUY LVMH Moet Hennessy Louis Vuitton SE 1.54 73.64 2,28344 MGA Magna International, Inc. 1.56 52.69 2,31891 MLCO Melco Resorts & Entertainment Limited 1.55 25.20 2,29325 EDU New Oriental Education & Technology Group,

Inc. (4) 1.53 90.99 2,275

Consumer Staples — 1.56%19 BTI British American Tobacco PLC 0.52 40.48 769100 DANOY Danone SA 1.04 15.42 1,542

Energy — 15.28%18 CEO CNOOC Limited 2.30 190.02 3,42086 E Eni SpA 2.07 35.65 3,06644 LUKOY LUKOIL PJSC 2.61 87.86 3,866249 REPYY Repsol SA 2.84 16.93 4,21666 RDS/A Royal Dutch Shell PLC 2.87 64.57 4,26268 TOT TOTAL SA 2.59 56.44 3,838

Financials — 23.85%11 AON Aon PLC 1.27 172.00 1,89259 AXAHY AXA SA 1.03 26.02 1,53575 BSAC Banco Santander Chile 1.56 30.78 2,308205 BSMX Banco Santander Mexico SA Institucion de

Banca Multiple Grupo Financiero Santand 1.04 7.51 1,53925 BMO Bank of Montreal 1.29 76.46 1,91177 BNPQY BNP Paribas SA 1.30 25.07 1,93039 DBSDY DBS Group Holdings Limited 2.09 79.34 3,09427 HDB HDFC Bank Limited 2.08 114.06 3,080152 ING ING Groep N.V. 1.30 12.73 1,935

(Continued)


Todd International Intrinsic Value Portfolio, Series 2019-2Q(Advisors Disciplined Trust 1934)Portfolio (Continued)As of the trust inception date, April 10, 2019

Numberof Shares



Price



EQUITY SECURITIES — (CONTINUED)

Financials — (continued)263 ITUB Itau Unibanco Holding SA 1.57% $8.85 $2,32862 LAZ Lazard Limited 1.55 37.09 2,300302 MUFG Mitsubishi UFJ Financial Group, Inc. 1.03 5.05 1,52532 IX ORIX Corporation 1.57 72.79 2,329180 SBRCY Sberbank of Russia PJSC 1.81 14.90 2,682267 SMFG Sumitomo Mitsui Financial Group, Inc. 1.29 7.15 1,90939 SLF Sun Life Financial, Inc. 1.03 39.38 1,536123 UBS UBS Group AG 1.04 12.52 1,540

Health Care — 7.04%16 AGN Allergan PLC 1.59 147.44 2,359116 GRFS Grifols SA 1.54 19.67 2,28217 ICLR ICON PLC (4) 1.58 138.05 2,34726 MDT Medtronic PLC 1.55 88.72 2,30779 SGIOY Shionogi & Company Limited 0.78 14.63 1,156

Industrials — 12.43%57 AER AerCap Holdings N.V. (4) 1.81 47.10 2,68522 ASHTY Ashtead Group PLC 1.53 103.00 2,26621 CNI Canadian National Railway Company 1.28 90.31 1,89655 CCCGY China Communications Construction

Company Limited 0.78 21.18 1,16556 INFO IHS Markit Limited (4) 2.07 54.87 3,07378 KMTUY Komatsu Limited 1.31 24.84 1,93711 RYAAY Ryanair Holdings PLC (4) 0.55 73.70 81148 ST Sensata Technologies Holding PLC (4) 1.54 47.57 2,283122 ZTO ZTO Express Cayman, Inc. (4) 1.56 18.97 2,314

Information Technology — 10.91%28 DOX Amdocs Limited 1.03 54.64 1,53057 FUJIY FUJIFILM Holdings Corporation 1.81 47.17 2,68888 HOLI Hollysys Automation Technologies Limited 1.07 17.97 1,581138 INFY Infosys Limited 1.04 11.15 1,539260 NOK Nokia OYJ 1.03 5.86 1,52416 NXPI NXP Semiconductors N.V. 1.05 97.59 1,56155 TSM Taiwan Semiconductor Manufacturing

Company Limited 1.56 42.21 2,32239 TOELY Tokyo Electron Limited 1.02 38.85 1,51536 WNS WNS Holdings Limited (4) 1.30 53.80 1,937

(Continued)


Todd International Intrinsic Value Portfolio, Series 2019-2Q(Advisors Disciplined Trust 1934)Portfolio (Continued)As of the trust inception date, April 10, 2019

Numberof Shares



Price



EQUITY SECURITIES — (CONTINUED)

Materials — 5.96%80 BASFY BASF SE 1.04% $19.34 $1,54760 CRH CRH PLC 1.31 32.31 1,93925 LYB LyondellBasell Industries N.V. 1.52 90.25 2,25650 RIO Rio Tinto PLC 2.09 61.89 3,094

Real Estate — 0.78%61 CAOVY China Overseas Land & Investment Limited 0.78 18.98 1,158

Utilities — 0.52%69 EONGY E.ON SE 0.52 11.15 769

100.00% $148,359

Notes to Portfolio



(3) All investments are securities issued by a foreign company.

Equity securities comprise 100.00% of the investments in the trust, broken down by country of organization of the issuer as set forth below:

Bermuda 3.62% Ireland 6.58%Brazil 1.57% Italy 2.07%British Virgin Islands 1.07% Jersey 3.36%Canada 5.16% Japan 11.93%Cayman Islands 10.28% Mexico 1.04%Chile 1.56% Netherlands 7.23%China 0.78% Russia 5.71%Finland 1.03% Singapore 2.09%France 7.50% Spain 4.38%Germany 1.56% Switzerland 1.04%Guernsey 1.03% Taiwan 1.56%Hong Kong 3.08% United Kingdom 11.65%India 3.12%



TRANSFORMERS STRATEGY PORTFOLIO




The trust seeks to achieve its objective byinvesting in a portfolio of stocks of companiesderiving a substantial portion of their revenuesworldwide that Pence Capital Management, LLC(the “Portfolio Consultant”) believes are involvedin aspects of the transformation of consumerbehavior and technological innovation. Today,the world is vastly different from even just tenyears ago, and that is a trend that the PortfolioConsultant expects will continue to develop.Improvements in processing power are enablingthe creation of artificial intelligence (AI) and thepropagation of semiconductors in everyday itemsfor the “Internet of Things” (IoT) which areconnecting consumers and their devices likenever before and enabling the rise of robots.Companies were considered for the portfolio thatPortfolio Consultant believes:

• either have leadership with stellar trackrecords of innovation or potential todevelop new and great technologies inthe future;

• are working to make sure that ourtomorrow is brighter than today; and

• are positioned to capture key factors ofthe world’s shift over to a more techno-logical and transformative era.


From those companies, Portfolio Consultantidentified securities by analyzing factors includingexpected market dominance over the next threeto five years, relative size within industry sectorsbased on market capitalization, steady R&Dspending as percent of sales, steadiness of pastearnings growth rates and revenue growth,strength of earnings and revenue projections,balance sheet strength, valuation and levels ofcash holdings.

PRINCIPAL RISKS



• An issuer may be unwilling or unable todeclare dividends in the future, or may reducethe level of dividends declared. This mayresult in a reduction in the value of yourunits.


• The trust is concentrated in securities issuedby information technology companies.Negative developments in this sector will affectthe value of your investment more than wouldbe the case in a more diversified investment.

• We* do not actively manage the portfolio.Except in limited circumstances, the trust willhold, and continue to buy, shares of the samesecurities even if their market value declines.



The Portfolio Consultant, Pence CapitalManagement, LLC, is a registered investmentadviser registered with the state of California.

Pence Capital Management, LLC is a regis-tered investment advisory firm based in NewportBeach, California. The firm uses its proprietaryresearch to identify and deliver actionable invest-ment insights. The firm is led by Colonel (ret)E. Dryden Pence III, a Harvard-educated econo-mist with thirty years of experience in thefinancial industry. His formal training andknowledge in economics combined with hiscareer of more than twenty-two years in ArmyIntelligence, Special Operations and PsychologicalWarfare, gives the firm a unique understandingof human behavior and its effects on theeconomy and the markets.

The Portfolio Consultant is not an affiliateof the sponsor. The Portfolio Consultant makesno representations that the portfolio will achievethe investment objectives or will be profitable orsuitable for any particular potential investor.

The Portfolio Consultant and/or its affiliatesmay use the list of securities in its independentcapacity as an investment adviser and distributethis information to various individuals and enti-ties. The Portfolio Consultant and/or its affiliatesmay recommend to other clients or otherwiseeffect transactions in the securities held by thetrust. This may have an adverse effect on theprices of the securities. This also may have animpact on the price the trust pays for the securi-ties and the price received upon unitredemptions or liquidation of the securities. ThePortfolio Consultant and/or its affiliates also mayissue reports and makes recommendations onsecurities, which may include the securities inthe trust.

Neither the Portfolio Consultant nor thesponsor manages the trust. Opinions expressedby the Portfolio Consultant are not necessarilythose of the sponsor, and may not actually cometo pass. The Portfolio Consultant is being com-pensated for its portfolio consulting services,including selection of the trust portfolio.


WHO SHOULD INVEST


• to own a defined portfolio of stocks.









Distribution dates 25th day of June and DecemberRecord dates 10th day of June and December



Ticker Symbol TSPAEX



FEES AND EXPENSES


Sales Fee


Amountper 100Units





As a %of NetAssets

Amountper 100Units



Total 0.29% $2.84


EXAMPLE





Transformers Strategy Portfolio, Series 2019-2Q(Advisors Disciplined Trust 1934)PortfolioAs of the trust inception date, April 10, 2019

Numberof Shares



Price




Communication Services — 11.47%69 ATVI Activision Blizzard, Inc. 0.94% $47.01 $3,2444 GOOGL Alphabet, Inc. (4) 1.39 1,202.69 4,81111 BIDU Baidu, Inc. (3) (4) 0.57 181.00 1,991115 BILI Bilibili, Inc. (3) (4) 0.59 17.84 2,05233 EA Electronic Arts, Inc. (4) 0.93 98.25 3,24229 FB Facebook, Inc. (4) 1.49 177.58 5,15085 IQ iQIYI, Inc. (3) (4) 0.59 23.88 2,0307 NTES NetEase, Inc. (3) 0.56 276.72 1,93714 NFLX Netflix, Inc. (4) 1.47 364.71 5,10632 SINA SINA Corporation (3) (4) 0.60 64.59 2,06714 SPOT Spotify Technology SA (3) (4) 0.57 141.34 1,97942 TCEHY Tencent Holdings Limited (3) 0.59 48.64 2,043116 TME Tencent Music Entertainment Group (3) (4) 0.59 17.64 2,04629 WB Weibo Corporation (3) (4) 0.59 70.80 2,053

Consumer Discretionary — 9.30%11 BABA Alibaba Group Holding Limited (3)(4) 0.59 187.19 2,0593 AMZN Amazon.com, Inc. (4) 1.59 1,835.84 5,50823 APTV Aptiv PLC (3) 0.58 87.51 2,01348 BZUN Baozun, Inc. (3)(4) 0.59 42.86 2,0572 BKNG Booking Holdings, Inc. (4) 1.03 1,794.47 3,58986 EBAY eBay, Inc. 0.94 37.75 3,24619 EXPE Expedia Group, Inc. 0.68 123.94 2,35566 JD JD.com, Inc. (3)(4) 0.59 30.90 2,0394 MELI MercadoLibre, Inc. (4) 0.58 505.18 2,02144 SNE Sony Corporation (3) 0.59 46.19 2,03212 TSLA Tesla, Inc. (4) 0.94 272.31 3,268251 VIPS Vipshop Holdings Limited (3)(4) 0.60 8.27 2,076

Health Care — 7.02%23 ALXN Alexion Pharmaceuticals, Inc. (4) 0.91 137.65 3,166332 CYBQY CYBERDYNE, Inc. (3)(4) 0.59 6.19 2,05521 DXCM DexCom, Inc. (4) 0.70 115.22 2,42026 EXAS Exact Sciences Corporation (4) 0.69 91.61 2,38229 INCY Incyte Corporation (4) 0.69 82.73 2,3996 ISRG Intuitive Surgical, Inc. (4) 1.00 579.38 3,47619 TMO Thermo Fisher Scientific, Inc. 1.52 277.80 5,27817 VRTX Vertex Pharmaceuticals, Inc. (4) 0.92 188.31 3,201

(Continued)


Transformers Strategy Portfolio, Series 2019-2Q(Advisors Disciplined Trust 1934)Portfolio (Continued)As of the trust inception date, April 10, 2019

Numberof Shares



Price



COMMON STOCKS — (CONTINUED)Industrials — 16.69%

36 AVAV Aerovironment, Inc. (4) 0.68% $65.99 $2,37677 BAESY BAE Systems PLC (3) 0.59 26.49 2,04014 BA The Boeing Company 1.49 369.04 5,167108 FANUY FANUC Corporation (3) 0.59 18.89 2,04019 GD General Dynamics Corporation 0.93 169.17 3,21432 HON Honeywell International, Inc. 1.48 160.85 5,14725 JBT John Bean Technologies Corporation 0.70 96.87 2,42211 LMT Lockheed Martin Corporation 0.96 302.68 3,32935 LYFT Lyft, Inc. (4) 0.68 67.44 2,36061 NJDCY Nidec Corporation (3) 0.59 33.56 2,04712 NOC Northrop Grumman Corporation 0.95 273.47 3,28218 RTN Raytheon Company 0.93 179.04 3,22318 ROK Rockwell Automation, Inc. 0.95 182.48 3,2859 ROP Roper Technologies, Inc. 0.89 343.01 3,08750 ST Sensata Technologies Holding PLC (3)(4) 0.69 47.57 2,37836 SIEGY Siemens AG (3) 0.59 56.57 2,037107 SMCAY SMC Corporation (3) 0.59 19.09 2,0437 TDG TransDigm Group, Inc. (4) 0.92 454.37 3,18139 UTX United Technologies Corporation 1.49 132.25 5,158

Information Technology — 55.52%304 AACAY AAC Technologies Holdings, Inc. (3) 0.59 6.72 2,04319 ADBE Adobe, Inc. (4) 1.47 268.99 5,111119 AMD Advanced Micro Devices, Inc. (4) 0.94 27.24 3,24232 APH Amphenol Corporation 0.94 101.43 3,24629 ADI Analog Devices, Inc. 0.92 110.49 3,20426 AAPL Apple, Inc. 1.50 199.50 5,18777 AMAT Applied Materials, Inc. 0.93 42.01 3,23510 ASML ASML Holding N.V. (3) 0.58 201.57 2,01619 ADSK Autodesk, Inc. (4) 0.92 167.06 3,17417 AVGO Broadcom, Inc. 1.49 303.45 5,15976 BRKS Brooks Automation, Inc. 0.69 31.37 2,38437 CDNS Cadence Design Systems, Inc. (4) 0.69 64.31 2,37994 CSCO Cisco Systems, Inc. 1.50 55.18 5,18745 CGNX Cognex Corporation 0.69 53.14 2,39144 CTSH Cognizant Technology Solutions Corporation 0.94 74.37 3,27295 GLW Corning, Inc. 0.94 34.29 3,258109 DBX Dropbox, Inc. (4) 0.69 21.94 2,39136 FN Fabrinet (3) (4) 0.58 55.65 2,003

(Continued)



Numberof Shares



Price




Information Technology — (continued)43 FARO FARO Technologies, Inc. (4) 0.69% $55.92 $2,40513 FLT FleetCor Technologies, Inc. (4) 0.94 250.28 3,25450 FLIR FLIR Systems, Inc. 0.70 48.45 2,42228 FTNT Fortinet, Inc. (4) 0.71 87.31 2,44524 GPN Global Payments, Inc. 0.95 136.68 3,280116 HOLI Hollysys Automation Technologies Limited (3) 0.60 17.97 2,08560 IIVI II-VI, Inc. (4) 0.69 39.62 2,37794 INTC Intel Corporation 1.50 55.32 5,20030 INXN InterXion Holding N.V. (3) (4) 0.59 68.11 2,04314 IPGP IPG Photonics Corporation (4) 0.67 164.66 2,30517 LRCX Lam Research Corporation 0.93 190.46 3,23822 MA Mastercard, Inc. 1.50 235.91 5,19035 MCHP Microchip Technology, Inc. 0.94 92.90 3,25144 MSFT Microsoft Corporation 1.51 119.28 5,24852 MIME Mimecast Limited (3) (4) 0.69 46.02 2,39317 NICE Nice Limited (3) (4) 0.61 123.46 2,09928 NVDA NVIDIA Corporation 1.53 189.26 5,29940 OMRNY Omron Corporation (3) 0.59 51.49 2,06014 PANW Palo Alto Networks, Inc. (4) 0.97 240.77 3,37149 PYPL PayPal Holdings, Inc. (4) 1.51 106.93 5,24020 PFPT Proofpoint, Inc. (4) 0.69 119.99 2,400

(Continued)



Numberof Shares



Price




Information Technology — (continued)25 PTC PTC, Inc. (4) 0.68% $94.10 $2,35232 QRVO Qorvo, Inc. (4) 0.69 75.22 2,40757 QCOM QUALCOMM, Inc. 0.95 57.44 3,27429 QLYS Qualys, Inc. (4) 0.68 81.35 2,35918 RHT Red Hat, Inc. (4) 0.95 182.93 3,29333 CRM salesforce.com, Inc. (4) 1.49 156.97 5,18018 SAP SAP SE (3) 0.57 110.37 1,98714 NOW ServiceNow, Inc. (4) 0.96 238.76 3,34328 SLAB Silicon Laboratories, Inc. (4) 0.70 86.54 2,42327 SWKS Skyworks Solutions, Inc. 0.68 87.07 2,35118 SPLK Splunk, Inc. (4) 0.67 129.69 2,33444 SQ Square, Inc. (4) 0.95 74.60 3,282117 STM STMicroelectronics N.V. (3) 0.59 17.44 2,04021 SNPS Synopsys, Inc. (4) 0.71 116.69 2,45048 TSM Taiwan Semiconductor Manufacturing

Company Limited (3) 0.58 42.21 2,02624 TEL TE Connectivity Limited (3) 0.59 85.30 2,04746 TXN Texas Instruments, Inc. 1.51 113.94 5,24160 TRMB Trimble, Inc. (4) 0.69 40.04 2,40211 TYL Tyler Technologies, Inc. (4) 0.67 211.49 2,32633 V Visa, Inc. 1.50 157.49 5,19725 XLNX Xilinx, Inc. 0.93 128.93 3,22328 YASKY Yaskawa Electric Corporation (3) 0.58 71.77 2,01029 ZEN Zendesk, Inc. (4) 0.69 82.60 2,395

100.00% $346,636

(Continued)


Notes to Portfolio

(1) Securities are representedbycontracts topurchasesuchsecurities. The valueof eachsecurity is basedon the evaluationof eachsecurity asof thecloseof regulartradingon theNewYorkStockExchangeon thebusinessdayprior to the trust’s inceptiondate.AccountingStandardsCodification820, “FairValueMeasurements”establishesa framework formeasuring fair valueandexpandsdisclosure about fair valuemeasurements in financial statements for the trust. The frameworkunderthe standard is comprised of a fair value hierarchy,which requires an entity tomaximize the use of observable inputs andminimize the use of unobservable inputswhen measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the trust has the ability to access as of the measurement date.

Level 2: Significant observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are notactive, andother inputs that areobservableorcanbecorroboratedbyobservablemarket data.Certainsecurities tradedonnon-U.S. exchangesmaybevaluedusing indications of fair value provided by an independent pricing service to reflect any significantmarket movements between the time the trust values suchsecurities and the earlier closing of such non-U.S. markets. Such fair valuations are categorized as Level 2 in the fair value hierarchy.

Level 3: Significant unobservable inputs that reflect the trust’s ownassumptions about the assumptions thatmarket participantswould use in pricing an assetor liability.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing those securities.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level as described above.

The following table summarizes the trust’s investments as of the trust’s inception, based on inputs used to value them:

Level 1 Level 2 Level 3

Common Stocks $346,636 $ - $ -




British Virgin Islands 0.60%Cayman Islands 8.22%Germany 1.16%Israel 0.61%Japan 4.12%Jersey 1.27%Luxembourg 0.57%Netherlands 1.76%Switzerland 0.59%Taiwan 0.58%United Kingdom 1.28%United States 79.24%



UNDERSTANDING YOUR INVESTMENT

HOW TO BUY UNITS

You can buy units of a trust on any businessday the New York Stock Exchange is open bycontacting your financial professional. Unitprices are available daily on the Internet atwww.AAMlive.com. The public offering price ofunits includes:

• the net asset value per unit plus

• organization costs plus

• the sales fee.

The “net asset value per unit” is the value ofthe securities, cash and other assets in your trustreduced by the liabilities of your trust divided bythe total units or your trust outstanding. Weoften refer to the public offering price of units asthe “offer price” or “purchase price.” The offerprice will be effective for all orders received priorto the close of regular trading on the New YorkStock Exchange (normally 4:00 p.m. Easterntime). If we receive your order prior to the closeof regular trading on the New York StockExchange or authorized financial professionalsreceive your order prior to that time and prop-erly transmit the order to us by the time that wedesignate, then you will receive the price com-puted on the date of receipt. If we receive yourorder after the close of regular trading on theNew York Stock Exchange, if authorized financialprofessionals receive your order after that time orif orders are received by such persons and are nottransmitted to us by the time that we designate,then you will receive the price computed on thedate of the next determined offer price providedthat your order is received in a timely manner onthat date. It is the responsibility of the autho-rized financial professional to transmit the ordersthat they receive to us in a timely manner. Cer-tain broker-dealers may charge a transaction orother fee for processing unit purchase orders.

Value of the Securities. We determine thevalue of the securities as of the close of regulartrading on the New York Stock Exchange oneach day that exchange is open. We generallydetermine the value of securities using the lastsale price for securities traded on a national secu-rities exchange. For this purpose, the trusteeprovides us closing prices from a reporting ser-vice approved by us. In some cases we will pricea security based on its fair value after consideringappropriate factors relevant to the value of thesecurity. We will only do this if a security is notprincipally traded on a national securitiesexchange or if the market quotes are unavailableor inappropriate.

We determined the initial prices of the secu-rities shown under each “Portfolio” section inthis prospectus as described above at the close ofregular trading on the New York Stock Exchangeon the business day before the date of this pro-spectus. On the first day we sell units we willcompute the unit price as of the close of regulartrading on the New York Stock Exchange or thetime the registration statement filed with theSecurities and Exchange Commission becomeseffective, if later.

Organization Costs. During the initial offer-ing period, part of the value of the unitsrepresents an amount that will pay the costs ofcreating your trust. These costs include the costsof preparing the registration statement and legaldocuments, a portfolio consultant’s security selec-tion fee (if any), federal and state registrationfees, the initial fees and expenses of the trusteeand the initial audit. Your trust will sell securitiesto reimburse us for these costs at the end of theinitial offering period or after six months,if earlier.

The value of your units will decline whenyour trust pays these costs.

Sales Fee. The maximum sales fee is shownunder “Fees and Expenses” for your trust and is1.85% of the public offering price per unit atthe time of purchase.

76 Understanding Your Investment

You pay a fee in connection with purchasingunits. We refer to this fee as the “transactionalsales fee”. The transactional sales fee has both aninitial and a deferred component. The transac-tional sales fee equals 1.35% of the publicoffering price per unit based on a $10 publicoffering price per unit. The percentage amountof the transactional sales fee is based on the unitprice on your trust’s inception date. The transac-tional sales fee equals the difference between thetotal sales fee and the creation and developmentfee. As a result, the percentage and dollaramount of the transactional sales fee will vary asthe public offering price per unit varies. Thetransactional sales fee does not include the cre-ation and development fee which is describedunder “Fees and Expenses” for your trust.

You pay the initial sales fee, if any, at thetime you buy units. The initial sales fee is thedifference between the total sales fee percentage(maximum of 1.85% of the public offering priceper unit) and the sum of the remaining fixeddollar deferred sales fee and the total fixed dollarcreation and development fee. The initial salesfee will be 0.00% of the public offering price perunit at a public offering price per unit of $10. Ifthe public offering price per unit exceeds $10,you will be charged an initial sales fee equal tothe difference between the total sales fee percent-age (maximum of 1.85% of the public offeringprice per unit) and the sum of the remainingfixed dollar deferred sales fee and total fixed dol-lar creation and development fee. The deferredsales fee is fixed at $0.135 per unit. Your trustpays the deferred sales fee in equal monthlyinstallments as described under “Fees andExpenses” for your trust. If you redeem or sellyour units prior to collection of the totaldeferred sales fee, you will pay any remainingdeferred sales fee upon redemption or sale ofyour units.

Since the deferred sales fee and creation anddevelopment fee are fixed dollar amounts perunit, your trust must charge these amounts perunit regardless of any decrease in net asset value.As a result, if the public offering price per unit

falls to less than $10 (resulting in the maximumsales fee percentage being a dollar amount that isless than the combined fixed dollar amounts ofthe deferred sales fee and creation and develop-ment fee) your initial sales fee will be a creditequal to the amount by which these fixed dollarfees exceed the sales fee at the time you buyunits. In such a situation, the value of securitiesper unit would exceed the public offering priceper unit by the amount of the initial sales feecredit and the value of those securities will fluc-tuate, which could result in a benefit ordetriment to unitholders that purchase units atthat price. The initial sales fee credit is paid bythe sponsor and is not paid by the trust.

If you purchase units after the last deferredsales fee payment has been assessed, the second-ary market sales fee is equal to 1.85% of thepublic offering price and does not includedeferred payments (i.e. unitholders who buy inthe secondary market after collection of thedeferred sales fees are not charged deferredsales fees).

Minimum Purchase. The minimum amountyou can purchase appears under “Essential Infor-mation” for your trust, but such amounts mayvary depending on your selling firm.

Reducing Your Sales Fee. We offer a varietyof ways for you to reduce the fee you pay. It isyour financial professional’s responsibility to alertus of any discount when you order units. Exceptas expressly provided herein, you may not com-bine discounts. Since the deferred sales fee andthe creation and development fee are fixed dollaramounts per unit, your trust must charge thesefees per unit regardless of any discounts. How-ever, if you are eligible to receive a discount suchthat your total sales fee is less than the fixed dol-lar amounts of the deferred sales fee and thecreation and development fee, we will credit youthe difference between your total sales fee andthese fixed dollar fees at the time you buy units.

Fee Accounts. Investors may purchase unitsthrough registered investment advisers, certifiedfinancial planners or registered broker-dealers

Understanding Your Investment 77

who in each case either charge investor accounts(“Fee Accounts”) periodic fees for brokerage ser-vices, financial planning, investment advisory orasset management services, or provide such ser-vices in connection with an investment accountfor which a comprehensive “wrap fee” charge(“Wrap Fee”) is imposed. You should consultyour financial advisor to determine whether youcan benefit from these accounts. To purchaseunits in these Fee Accounts, your financial advi-sor must purchase units designated with one ofthe Fee Account CUSIP numbers, if available.Please contact your financial advisor for moreinformation. If units are purchased for a FeeAccount and the units are subject to a Wrap Feein such Fee Account (i.e., the trust is “Wrap FeeEligible”) then investors may be eligible to pur-chase units in these Fee Accounts that are notsubject to the transactional sales fee but will besubject to the creation and development fee thatis retained by the sponsor. For example, thistable illustrates the sales fee you will pay as apercentage of the initial $10 public offeringprice per unit (the percentage will vary with theunit price).

Initial sales fee 0.00%Deferred sales fee 0.00%

Transactional sales fee 0.00%Creation and development fee 0.50%

Total sales fee 0.50%

This discount applies only during the initialoffering period. Certain Fee Account investorsmay be assessed transaction or other fees on thepurchase and/or redemption of units by theirbroker-dealer or other processing organizationsfor providing certain transaction or accountactivities. We reserve the right to limit or denypurchases of units in Fee Accounts by investorsor selling firms whose frequent trading activity isdetermined to be detrimental to a trust.

Employees. We waive the transactional salesfee for purchases made by officers, directors andemployees (and immediate family members) ofthe sponsor and its affiliates. These purchases arenot subject to the transactional sales fee but will

be subject to the creation and development fee.We also waive a portion of the sales fee for pur-chases made by officers, directors and employees(and immediate family members) of selling firms.These purchases are made at the public offeringprice per unit less the applicable regular dealerconcession. Immediate family members for thepurposes of this section include your spouse,children (including step-children) under the ageof 21 living in the same household, and parents(including step-parents). These discounts applyto initial offering period and secondary marketpurchases. All employee discounts are subject tothe policies of the related selling firm, includingbut not limited to, householding policiesor limitations. Only officers, directors andemployees (and their immediate family members)of selling firms that allow such persons to partici-pate in this employee discount program areeligible for the discount.

Dividend Reinvestment Plan. We do notcharge any sales fee when you reinvest distribu-tions from your trust into additional units ofyour trust. This sales fee discount applies to ini-tial offering period and secondary marketpurchases. Since the deferred sales fee and thecreation and development fee are fixed dollaramounts per unit, your trust must charge thesefees per unit regardless of this discount. If youelect the distribution reinvestment plan, we willcredit you with additional units with a dollarvalue sufficient to cover the amount of anyremaining deferred sales fee or creation anddevelopment fee that will be collected on suchunits at the time of reinvestment. The dollarvalue of these units will fluctuate over time.

Retirement Accounts. Your portfolio may besuitable for purchase in tax-advantaged retire-ment accounts. You should contact your financialprofessional about the accounts offered and anyadditional fees imposed.


HOW TO SELL YOUR UNITS

You can sell or redeem your units on anybusiness day the New York Stock Exchange isopen by contacting your financial professional.Unit prices are available daily on the Internet atwww.AAMlive.com or through your financialprofessional. The sale and redemption price ofunits is equal to the net asset value per unit, pro-vided that you will not pay any remainingcreation and development fee or organizationcosts if you sell or redeem units during the initialoffering period. The sale and redemption price issometimes referred to as the “liquidation price.”You pay any remaining deferred sales fee whenyou sell or redeem your units. Certain broker-dealers may charge a transaction or other fee forprocessing unit redemption or sale requests.

Selling Units. We may maintain a secondarymarket for units. This means that if you want tosell your units, we may buy them at the currentnet asset value, provided that you will not payany remaining creation and development fee ororganization costs if you sell units during theinitial offering period. We may then resell theunits to other investors at the public offeringprice or redeem them for the redemption price.Our secondary market repurchase price is thesame as the redemption price. Certain broker-dealers might also maintain a secondary marketin units. You should contact your financial pro-fessional for current repurchase prices todetermine the best price available. We may dis-continue our secondary market at any timewithout notice. Even if we do not make a mar-ket, you will be able to redeem your units withthe trustee on any business day for the currentredemption price.

Redeeming Units. You may also redeem yourunits directly with the trustee, The Bank of NewYork Mellon, on any day the New York StockExchange is open. The redemption price that youwill receive for units is equal to the net assetvalue per unit, provided that you will not payany remaining creation and development fee ororganization costs if you redeem units during the

initial offering period. You will pay any remain-ing deferred sales fee at the time you redeemunits. You will receive the net asset value for aparticular day if the trustee receives your com-pleted redemption request prior to the close ofregular trading on the New York StockExchange. Redemption requests received byauthorized financial professionals prior to theclose of regular trading on the New York StockExchange that are properly transmitted to thetrustee by the time designated by the trustee, arepriced based on the date of receipt. Redemptionrequests received by the trustee after the close ofregular trading on the New York StockExchange, redemption requests received byauthorized financial professionals after that timeor redemption requests received by such personsthat are not transmitted to the trustee until afterthe time designated by the trustee, are pricedbased on the date of the next determinedredemption price provided they are received in atimely manner by the trustee on such date. It isthe responsibility of authorized financial profes-sionals to transmit redemption requests receivedby them to the trustee so they will be received ina timely manner. If your request is not receivedin a timely manner or is incomplete in any way,you will receive the next net asset value com-puted after the trustee receives yourcompleted request.

If you redeem your units, the trustee willgenerally send you a payment for your units nolater than seven days after it receives all necessarydocumentation (this will usually only take twobusiness days). The only time the trustee candelay your payment is if the New York StockExchange is closed (other than weekends or holi-days), the Securities and Exchange Commissiondetermines that trading on that exchange isrestricted or an emergency exists making sale orevaluation of the securities not reasonably practi-cable, and for any other period that theSecurities and Exchange Commission permits.

You can request an in-kind distribution ofthe securities underlying your units if you tenderat least 2,500 units for redemption (or such


other amount as required by your financial pro-fessional’s firm). This option is generally availableonly for securities traded and held in the UnitedStates. The trustee will make any in-kind distri-bution of securities by distributing applicablesecurities in book entry form to the account ofyour financial professional at Depository TrustCompany. You will receive whole shares of theapplicable securities and cash equal to any frac-tional shares. You may not request this option inthe last 30 days of your trust’s life. We may dis-continue this option upon sixty days notice.

Rollover Option. Your trust’s strategy may bea long-term investment strategy designed to befollowed on an annual basis. You may achievemore consistent long-term investment results byfollowing the strategy. As part of the strategy, wecurrently intend to offer a subsequent series ofyour trust for a rollover when the current trustterminates. When your trust terminates you willhave the option to (1) participate in a rolloverand have your units reinvested into a subsequenttrust series through a cash rollover as describedin this section, (2) receive an in-kind distributionof securities or (3) receive a cash distribution.

If you elect to participate in a rollover, yourunits will be redeemed on your trust’s termina-tion date. As the redemption proceeds becomeavailable, the proceeds (including dividends) willbe invested in a new trust series, if available, atthe public offering price for the new trust. Thetrustee will attempt to sell securities to satisfy theredemption as quickly as practicable on the ter-mination date. We do not anticipate that the saleperiod will be longer than one day, however, cer-tain factors could affect the ability to sell thesecurities and could impact the length of the saleperiod. The liquidity of any security depends onthe daily trading volume of the security and theamount available for redemption and reinvest-ment on any day.

We intend to make subsequent trust seriesavailable for sale at various times during the year.Of course, we cannot guarantee that a subse-quent trust or sufficient units will be available orthat any subsequent trusts will offer the same

investment strategies or objectives as currenttrusts. We cannot guarantee that a rollover willavoid any negative market price consequencesresulting from trading large volumes of securities.Market price trends may make it advantageous tosell or buy securities more quickly or moreslowly than permitted by the trust procedures.We may, in our sole discretion, modify a rolloveror stop creating units of any future trust at anytime regardless of whether all proceeds ofunitholders have been reinvested in a rollover.We may decide not to offer a rollover optionupon sixty days notice. Cash which has not beenreinvested in a rollover will be distributed tounitholders shortly after the termination date.Rollover participants may receive taxable divi-dends or realize taxable capital gains which arereinvested in connection with a rollover but maynot be entitled to a deduction for capital lossesdue to the “wash sale” tax rules. Due to the rein-vestment in a subsequent trust, no cash will bedistributed to pay any taxes. See “UnderstandingYour Investment—Taxes”.

DISTRIBUTIONS

Distributions. Your trust generally pays dis-tributions of its net investment income alongwith any excess capital on each distribution dateto unitholders of record on the preceding recorddate. If your trust is a “grantor trust” for federaltax purposes, the trust will generally only make adistribution if the total cash held for distributionequals at least 0.1% of the trust’s net asset valueas determined under the trust agreement. Therecord and distribution dates and the tax statusare shown under “Essential Information” in the“Investment Summary” section of this prospectusfor your trust. In some cases, your trust mightpay a special distribution if it holds an excessiveamount of cash pending distribution. Forexample, this could happen as a result of amerger or similar transaction involving a com-pany whose stock is in your portfolio. Your trustwill also generally make required distributions ordistributions to avoid imposition of tax at theend of each year if it is structured as a “regulated


investment company” for federal tax purposes.The amount of your distributions will vary fromtime to time as companies change their dividendsand other income distributions or trustexpenses change.

When your trust receives dividends andother income distributions from a portfolio secu-rity, the trustee credits such payments to thetrust’s accounts. In an effort to make relativelyregular income distributions, if your trust is a“regulated investment company” for tax purposesand makes monthly distributions, your trust’smonthly income distribution is equal to onetwelfth of the estimated net annual income dis-tributions to be received by your trust afterdeduction of trust operating expenses. Because atrust does not receive income distributions fromthe portfolio securities at a constant ratethroughout the year, the income distributions tounitholders from such a trust may be more orless than the amount credited to your trustaccounts as of the record date. For the purposeof minimizing fluctuation in income distribu-tions, the trustee is authorized to advance suchamounts as may be necessary to provide incomedistributions of approximately equal amounts.The trustee will be reimbursed, without interest,for any such advances from available incomereceived by a trust on the ensuing record date.

Reports. The trustee or your financial profes-sional will make available to you a statementshowing income and other receipts of your trustfor each distribution. Each year the trustee willalso provide an annual report on your trust’sactivity and certain tax information. You canrequest copies of security evaluations to enableyou to complete your tax forms and auditedfinancial statements for your trust, if available.

INVESTMENT RISKS

All investments involve risk. This sectiondescribes the main risks that can impact thevalue of the securities in your portfolio. Youshould understand these risks before you invest.If the value of the securities falls, the value ofyour units will also fall. We cannot guarantee

that your trust will achieve its objective or thatyour investment return will be positive overany period.

Market Risk. Market risk is the risk that thevalue of the securities in your trust will fluctuate.This could cause the value of your units to fallbelow your original purchase price. Market valuefluctuates in response to various factors. Thesecan include changes in interest rates, inflation,the financial condition of a security’s issuer, per-ceptions of the issuer, or ratings on a security.Even though we supervise your portfolio, youshould remember that we do not manage yourportfolio. Your trust will not sell a security solelybecause the market value falls as is possible in amanaged fund.

Selection Risk. Selection risk is the risk thatthe securities selected for inclusion by your trustor by a fund’s management will underperformthe markets, relevant indices or the securitiesselected by other funds with similar investmentobjectives and investment strategies. This meansyou may lose money or earn less money thanother comparable investments.

Equity Securities. Your trust and/or certainfunds held by your trust may invest in securitiesrepresenting equity ownership of a company.Investments in such securities are exposed torisks associated with the companies issuing thesecurities, the sectors and geographic locationsthey are involved in and the markets that suchsecurities are traded on among other risks asdescribed herein.

Fixed Income Securities. Certain funds heldby your trust may invest in fixed income securi-ties and similar securities. Fixed income securitiesinvolve certain unique risks such as credit riskand interest rate risk among other things asdescribed in greater detail below.

Dividend Payment Risk. Dividend paymentrisk is the risk that an issuer of a security isunwilling or unable to pay income on a security.Stocks represent ownership interests in the issuersand are not obligations of the issuers. Commonstockholders have a right to receive dividends


only after the company has provided for paymentof its creditors, bondholders and preferred stock-holders. Common stocks do not assure dividendpayments. Dividends are paid only whendeclared by an issuer’s board of directors and theamount of any dividend may vary over time.

Index Correlation Risk. Index correlation riskis the risk that the performance of the NASDAQQ-50 IndexSM Portfolio will not sufficiently cor-respond with the target index. This can happenfor reasons such as:

• the impracticability of owning each ofthe index components with the exactweightings at a given time,

• this trust will generally adjust compo-nent share weightings in an effort tomatch the index only when the indexitself is rebalanced,

• the possibility of index tracking errors,

• the inability to adequately replicate theweightings of certain index componentsdue to round lot trading requirements orpractices, especially in certain foreignsecurities markets,

• regulatory restrictions applicable to thistrust,

• the time that elapses between a change inthe index and a change in this trust, and

• fees and expenses of this trust.

Strategy Correlation Risk. Strategy correla-tion risk is the risk that your trust’s performancewill not sufficiently correspond with the hypo-thetical back-tested performance of your trust’sinvestment strategy, if any. This risk applies toyour trust if the “Investment Summary” sectionfor your trust in this prospectus includes “Hypo-thetical Back-tested Performance Information.”This can happen for reasons such as:

• the impracticability of owning each ofthe strategy stocks with the exact weight-ings at a given time,

• strategy performance is based on a calen-dar year strategy while trusts may becreated at various times during the yearand generally have 15 month terms,

• your trust may not be fully invested atall times, and

• trust fees and expenses.

Hypothetical back-tested performance is notactual past performance of this or any trust.Hypothetical back-tested performance is based onapplication of a trust’s investment strategy as of aparticular time.

Credit Risk. Credit risk is the risk that a bor-rower is unable to meet its obligation to payprincipal or interest on a security held by a fund.This could cause the value of your units to falland may reduce the level of dividends a fundpays which would reduce your income.

Interest Rate Risk. Interest rate risk is therisk that the value of fixed income securities andsimilar securities held by a fund will fall if inter-est rates increase. Bonds and other fixed incomesecurities typically fall in value when interestrates rise and rise in value when interest ratesfall. Securities with longer periods before matu-rity are often more sensitive to interest ratechanges. The securities in your trust may be sub-ject to a greater risk of rising interest rates thanwould normally be the case due to the currentperiod of relatively low rates.

Closed-End Funds. Your portfolio may investin shares of closed-end investment companies.Closed-end funds are subject to various risks,including but not limited to management’s abil-ity to meet the closed-end fund’s investmentobjective including when the underlying securi-ties are redeemed or sold, risks associated withthe use of leverage and borrowing and risks asso-ciated with shares of the fund trading at adiscount or premium to the fund’s net assetvalue. You should understand the section titled“Understanding Your Investment—Closed-EndFunds” before you invest.


Non-Diversification Risk. Certain funds heldby your trust may be classified as “non-diversified”. Such funds may be more exposed tothe risks associated with and developments affect-ing an individual issuer, industry and/or assetclass than a fund that invests more widely.

Business Development Company Risk. Cer-tain funds held by your trust may invest inbusiness development companies (“BDCs”).BDCs are closed-end investment companies thathave elected to be treated as business develop-ment companies under the Investment CompanyAct of 1940. BDCs are required to hold at least70% of their investments in eligible assets whichinclude, among other things, (i) securities of eli-gible portfolio companies (generally, domesticcompanies that are not investment companiesand that cannot have a class of securities listedon a national securities exchange or have securi-ties that are marginable that are purchased fromthat company in a private transaction), (ii) secu-rities received by the BDC in connection withits ownership of securities of eligible portfoliocompanies, or (iii) cash, cash items, governmentsecurities, or high quality debt securities matur-ing one year or less from the time of investment.BDCs’ ability to grow and their overall financialcondition is impacted significantly by their abil-ity to raise capital. In addition to raising capitalthrough the issuance of common stock, BDCsmay engage in borrowing. This may involveusing revolving credit facilities, the securitizationof loans through separate wholly-owned subsid-iaries and issuing of debt and preferred securities.BDCs are less restricted than other closed-endfunds as to the amount of debt they can haveoutstanding. These borrowings, also known asleverage, magnify the potential for gain or losson amounts invested and, accordingly, the risksassociated with investing in BDC securities.While the value of a BDC’s assets increases,leveraging would cause the net value per share ofBDC common stock to increase more sharplythan it would have had such BDC not leveraged.However, if the value of a BDC’s assets decreases,leveraging would cause net asset value to decline

more sharply than it otherwise would have hadsuch BDC not leveraged. In addition to decreas-ing the value of a BDC’s common stock, it couldalso adversely impact a BDC’s ability to makedividend payments. A BDC’s credit rating maychange over time which could adversely affect itsability to obtain additional credit and/or increasethe cost of such borrowing. Agreements govern-ing a BDC’s credit facilities and related fundingand service agreements may contain various cov-enants that limit the BDC’s discretion inoperating its business along with otherlimitations. Any defaults may restrict the BDC’sability to manage assets securing related assets,which may adversely impact the BDC’s liquidityand operations. BDCs may enter into hedgingtransaction and utilize derivative instrumentssuch as forward contracts, options and swaps.Unanticipated movements and improper correla-tion of hedging instruments may prevent a BDCfrom hedging against exposure to risk of loss.BDCs may issue options, warrants, and rights toconvert to voting securities to its officers,employees and board members. Any issuance ofderivative securities requires the approval of thecompany’s board of directors and authorizationby the company’s shareholders. A BDC mayoperate a profit-sharing plan for its employees,subject to certain restrictions.

BDC investments are frequently not publiclytraded and, as a result, there is uncertainty as tothe value and liquidity of those investments.BDCs may use independent valuation firms tovalue their investments and such valuations maybe uncertain, be based on estimates and/or differmaterially from that which would have been usedif a ready market for those investments existed.The value of a BDC could be adversely affectedif its determinations regarding the fair value ofinvestments was materially higher than the valuerealized upon sale of such investments. Dueto the relative illiquidity of certain BDCinvestments, if a BDC is required to liquidate allor a portion of its portfolio quickly, it may real-ize significantly less than the value at which suchinvestments are recorded. Further restrictions


may exist on the ability to liquidate certain assetsto the extent that subsidiaries or related partieshave material non-public information regardingsuch assets. BDCs are required to make availablesignificant managerial assistance to their portfoliocompanies. Significant managerial assistancerefers to any arrangement whereby a BDC pro-vides significant guidance and counsel concerningthe management, operations, or business objec-tives and policies of a portfolio company.Examples of such activities include arrangingfinancing, managing relationships with financingsources, recruiting management personnel, andevaluating acquisition and divestiture opportuni-ties. BDCs are frequently externally managed byan investment adviser which may also providethis external managerial assistance to portfoliocompanies. Such investment adviser’s liabilitymay be limited under its investment advisoryagreement, which may lead such investmentadviser to act in a riskier manner than it wouldwere it investing for its own account. Suchinvestment advisers may be entitled to incentivecompensation which may cause such adviser tomake more speculative and riskier investmentsthan it would if investing for its own account.Such compensation may be due even in the caseof declines to the value of a BDC’s investments.

BDCs frequently have high expenses whichmay include, but are not limited to, the paymentof management fees, administration expenses,taxes, interest payable on debt, governmentalcharges, independent director fees and expenses,valuation expenses, and fees payable to third par-ties relating to or associated with makinginvestments. If your trust invests in BDCs, thenyour trust will indirectly bear these expenses.These expenses may fluctuate significantly overtime. If a BDC fails to maintain its status as aBDC it may be regulated as a closed-end fundwhich would subject such BDC to additionalregulatory restrictions and significantly decreaseits operating flexibility. In addition, such failurecould trigger an event of default under certainoutstanding indebtedness which could have amaterial adverse impact on its business.

Investment in Other Investment Companies.As with other investments, investments in otherinvestment companies are subject to market andselection risk. In addition, if/when your trustacquires shares of investment companies share-holders bear both their proportionate share offees and expenses in your trust and, indirectly,the expenses of the underlying investment com-panies. Investment companies’ expenses aresubject to the risk of fluctuation including inresponse to fluctuation in a fund’s assets. Accord-ingly, a fund’s actual expenses may vary fromwhat is indicated at the time of investment byyour trust. There are certain regulatory limita-tions on the ability of your trust to hold otherinvestment companies which may impact thetrust’s ability to invest certain funds, may impactthe weighting of a fund in your trust’s portfolioand may impact your trust’s ability to issue addi-tional units in the future.

Investment Process Risk. Your trust mayinvest in securities selected by HIMCO. In theevent that HIMCO incorrectly assesses an issuer’sprospects for growth or if HIMCO’s judgmentabout how other investors will value an issuer’sgrowth is wrong, then the price of an issuer’sstock may decrease or not increase to the levelanticipated.

Sector Concentration Risk. Sector concentra-tion risk is the risk that the value of your trust ismore susceptible to fluctuations based on factorsthat impact a particular sector because the expo-sure to such sectors through the securities heldby your trust or through the securities in thefunds held by your trust are concentrated withina particular sector. A portfolio “concentrates” in asector when securities in a particular sector makeup 25% or more of the portfolio. Refer to the“Principal Risks” in the “Investment Summary”section for your trust in this prospectus for sectorconcentrations.

Your trust may invest significantly in securi-ties of consumer products and servicescompanies. These companies manufacture or sellvarious consumer products and/or services.


General risks of these companies include the gen-eral state of the economy, intense competitionand consumer spending trends. A decline in theeconomy which results in a reduction of con-sumers’ disposable income can negatively impactspending habits. Competitiveness in the retailindustry will require large capital outlays for theinstallation of automated checkout equipment tocontrol inventory, track the sale of items andgauge the success of sales campaigns. Retailerswho sell their products and services over theInternet have the potential to access more con-sumers, but will require sophisticated technologyto remain competitive.

Your trust may invest significantly in securi-ties of companies in the information technologysector. Technology companies are generally sub-ject to the risks of rapidly changing technologies;short product life cycles; fierce competition;aggressive pricing; frequent introduction of newor enhanced products; the loss of patent, copy-right and trademark protections; cyclical marketpatterns; evolving industry standards; and fre-quent new product introductions. Technologycompanies may be smaller and less experiencedcompanies, with limited product lines, marketsor financial resources. Technology companystocks may experience extreme price and volumefluctuations that are often unrelated to theiroperating performance and may experience sig-nificant market declines in their share values.

Foreign Issuer Risk. Your trust and/or certainfunds held by your trust may invest in the secu-rities of foreign issuers. An investment insecurities of foreign issuers involves certain risksthat are different in some respects from aninvestment in securities of domestic issuers.These include risks associated with future politi-cal and economic developments, internationaltrade conditions, foreign withholding taxes,liquidity concerns, currency fluctuations, volatil-ity, restrictions on foreign investments andexchange of securities, potential for expropriationof assets, confiscatory taxation, difficulty inobtaining or enforcing a court judgment, poten-tial inability to collect when a company goes

bankrupt and economic, political or social insta-bility. Moreover, individual foreign economiesmay differ favorably or unfavorably from theU.S. economy for reasons including differencesin growth of gross domestic product, rates ofinflation, capital reinvestment, resources, self-sufficiency and balance of payments positionsThere may be less publicly available informationabout a foreign issuer than is available from adomestic issuer as a result of different account-ing, auditing and financial reporting standards.Some foreign markets are less liquid than U.S.markets which could cause securities to bebought at a higher price or sold at a lower pricethan would be the case in a highly liquid market.

Brokerage and other transaction costs onforeign exchanges are often higher than in theU.S. and there is generally less governmentalsupervision of exchanges, brokers and issuers inforeign countries. The increased expense ofinvesting in foreign markets may reduce theamount an investor can earn on its investmentsand typically results in a higher operatingexpense ratio than investments in only domesticsecurities. Custody of certain securities may bemaintained by a global custody and clearinginstitution. Settlement and clearance proceduresin certain foreign markets differ significantlyfrom those in the U.S. Foreign settlement andclearance procedures and trade regulations alsomay involve certain risks (such as delays in pay-ment for or delivery of securities) not typicallyassociated with the settlement of domestic securi-ties. Round lot trading requirements exist incertain foreign securities markets which couldcause the proportional composition and diversifi-cation of your trust’s and/or a fund’s portfolio tovary when your trust or a fund buys or sellssecurities.

Currency Risk. Because securities of foreignissuers not listed on a U.S. securities exchangegenerally pay income and trade in foreign cur-rencies, the U.S. dollar value of these securitiesand income will vary with fluctuations in foreignexchange rates. Most foreign currencies have fluc-tuated widely in value against the U.S. dollar for


various economic and political reasons. Generally,when the U.S. dollar rises in value against a for-eign currency, a security denominated in thatcurrency loses value because the currency isworth fewer U.S. dollars. Conversely, when theU.S. dollar decreases in value against a foreigncurrency, a security denominated in that currencygains value because the currency is worth moreU.S. dollars. This risk, generally known as “cur-rency risk,” means that a strong U.S. dollar willreduce returns for U.S. investors while a weakU.S. dollar will increase those returns.

Depositary Receipts Risk. Certain stocks heldby your trust and/or the closed-end funds maybe held in the form of depositary receipts.Depositary receipts represent receipts for foreigncommon stock deposited with a custodian(which may include the trustee of your trust).Depositary receipts generally involve the sametypes of risks as foreign common stock helddirectly. Some depositary receipts may experienceless liquidity than the underlying common stockstraded in their home market. Certain depositaryreceipts are unsponsored (i.e. issued without theparticipation or involvement of the issuer of theunderlying security). The issuers of unsponsoreddepositary receipts are not obligated to discloseinformation that may be considered material inthe U.S. Therefore, there may be less informa-tion available regarding these issuers and, as aresult, there may not be a correlation betweencertain information impacting a security and themarket value of the depositary receipts.

Emerging Markets. Your trust and/or certainfunds held by your trust may invest in certainsecurities issued by entities located in emergingmarkets. Emerging markets are generally definedas countries in the initial states of their industri-alization cycles with low per capita income. Themarkets of emerging markets countries are gener-ally more volatile than the markets of developedcountries with more mature economies. All ofthe risks of investing in foreign securitiesdescribed above are heightened by investing inemerging markets countries.

Supranational Entities’ Securities. Certainfunds held by your trust may invest in obliga-tions issued by supranational entities such as theInternational Bank for Reconstruction andDevelopment (the World Bank). The governmentmembers, or “stockholders,” usually make initialcapital contributions to supranational entities andin many cases are committed to make additionalcapital contributions if a supranational entity isunable to repay its borrowings. There is no guar-antee that one or more stockholders of asupranational entity will continue to make anynecessary additional capital contributions. If suchcontributions are not made, the entity may beunable to pay interest or repay principal on itsdebt securities, and a fund may lose money onsuch investments.

Small and Mid-Size Companies. Your trustand/or certain funds held by your trust mayinvest in securities issued by small and mid-sizecompanies. The share prices of these companiesare often more volatile than those of larger com-panies as a result of several factors common tomany such issuers, including limited tradingvolumes, products or financial resources, manage-ment inexperience and less publicly availableinformation. In particular, companies withsmaller capitalizations may be less financiallysecure, depend on a smaller number of key per-sonnel and generally be subject to moreunpredictable price changes than larger, moreestablished companies and the markets as awhole. Smaller capitalization and emerginggrowth companies may be particularly sensitiveto changes in interest rates, borrowing costsand earnings.

Bond Quality Risk. Bond quality risk is therisk that a bond will fall in value if a ratingagency decreases or withdraws the bond’s rating.

Prepayment Risk. When interest rates fall,among other factors, the issuer of a securitymay prepay their obligations earlier thanexpected. Such prepayments will result in earlydistributions to a fund holding such security andsuch funds may be unable to reinvest such


amounts at the yields originally invested whichcould adversely impact the funds and the trust.Certain bonds held by the funds may includecall provisions which expose such funds and yourtrust to call risk. Call risk is the risk that theissuer prepays or “calls” a bond before its statedmaturity. An issuer might call a bond if interestrates, in general fall and the bond pays a higherinterest rate or if it no longer needs the moneyfor the original purpose. If an issuer calls a bond,a fund holding such bond will receive principalbut future interest distributions will fall. Suchfund might not be able to reinvest this principalat as high a yield. A bond’s call price could beless than the price paid for the bond and couldbe below the bond’s par value. Certain bondsmay also be subject to extraordinary optional ormandatory redemptions if certain events occur,such as certain changes in tax laws, the substan-tial damage or destruction by fire or othercasualty of the project for which the proceeds ofthe bonds were used, and various other events.

Extension Risk. When interest rates rise,among other factors, issues of a security may payoff obligations more slowly than expected caus-ing the value of such obligations to fall.

Market Discount. Certain funds held byyour trust may invest in bonds whose currentmarket values were below the principal value onthe purchase date. A primary reason for the mar-ket value of such bonds being less than theprincipal value is that the interest rate of suchbonds is at a lower rate than the current marketinterest rates for comparable bonds. Bondsselling at market discounts tend to increase inmarket value as they approach maturity.

Premium Bonds. Certain funds held by thetrust may invest in bonds whose current marketvalues were above the principal value on the pur-chase date. A primary reason for the marketvalue of such bonds being higher than the prin-cipal value is that the interest rate of suchbonds is at a higher rate than the current marketinterest rates for comparable bonds. The currentreturns of bonds trading at a market premium

are initially higher than the current returns ofcomparable bonds issued at currently prevailinginterest rates because premium bonds tend todecrease in market value as they approach matu-rity when the principal value becomes payable.Because part of the purchase price is effectivelyreturned not at maturity but through currentincome payments, early redemption of a pre-mium bond at par or any other amount belowthe purchase price will result in a reduction inyield. Redemption pursuant to call provisionsgenerally will, and redemption pursuant to sink-ing fund provisions may occur at times when thebonds have a market value that represents a pre-mium over par or, for original issue discountsecurities, a premium over the accreted value.

Municipal Bonds. Certain funds held byyour trust may invest in municipal bonds.Municipal bonds are debt obligations issued bystates or by political subdivisions or authoritiesof states. Municipal bonds are typically desig-nated as general obligation bonds, which aregeneral obligations of a governmental entity thatare backed by the taxing power of such entity, orrevenue bonds, which are payable from theincome of a specific project or authority and arenot supported by the issuer’s power to levy taxes.Municipal bonds are long-term fixed rate debtobligations that generally decline in value withincreases in interest rates, when an issuer’s finan-cial condition worsens or when the rating on abond is decreased. Many municipal bonds maybe called or redeemed prior to their stated matu-rity, an event which is more likely to occur wheninterest rates fall. In such an occurrence, a fundmay not be able to reinvest the money it receivesin other bonds that have as high a yield or aslong a maturity. Many municipal bonds are sub-ject to continuing requirements as to the actualuse of the bond proceeds or manner of operationof the project financed from bond proceeds thatmay affect the exemption of interest on suchbonds from federal income taxation. The marketfor municipal bonds is generally less liquid thanfor other securities and therefore the price ofmunicipal bonds may be more volatile and


subject to greater price fluctuations than securi-ties with greater liquidity. In addition, an issuer’sability to make income distributions generallydepends on several factors including the financialcondition of the issuer and general economicconditions. Any of these factors may negativelyimpact the price of municipal bonds held by afund and would therefore impact the price ofboth the fund shares and your trust units.

Sovereign Debt. Certain funds held by yourtrust may invest in sovereign debt. Sovereigndebt instruments are subject to the risk that agovernmental entity may delay or refuse to payinterest or repay principal on its sovereign debt,due, for example, to cash flow problems, insuffi-cient foreign currency reserves, politicalconsiderations, the relative size of the govern-mental entity’s debt position in relation to theeconomy or the failure to put in place requiredeconomic reforms. If a governmental entitydefaults, it may ask for more time in whichto pay or for further loans. There is no legalprocess for collecting sovereign debt thata government does not pay nor are therebankruptcy proceedings through which all orpart of the sovereign debt that a governmentalentity has not repaid may be collected.

U.S. Government Obligations Risk. Certainfunds held by your trust may invest in obliga-tions of the U.S. Government. Obligations ofU.S. Government agencies, authorities, instru-mentalities and sponsored enterprises havehistorically involved little risk of loss of principalif held to maturity. However, not allU.S. Government securities are backed by thefull faith and credit of the United States. Obliga-tions of certain agencies, authorities,instrumentalities and sponsored enterprises of theU.S. Government are backed by the full faithand credit of the United States (e.g., the Govern-ment National Mortgage Association); otherobligations are backed by the right of the issuerto borrow from the U.S. Treasury (e.g., the Fed-eral Home Loan Banks) and others are supportedby the discretionary authority of the U.S. Gov-ernment to purchase an agency’s obligations. Still

others are backed only by the credit of theagency, authority, instrumentality or sponsoredenterprise issuing the obligation. No assurancecan be given that the U.S. Government wouldprovide financial support to any of these entitiesif it is not obligated to do so by law.

U.S. Treasury Obligations. Certain fundsheld by your trust may invest in U.S. Treasuryobligations. U.S. Treasury obligations are directobligations of the United States which are backedby the full faith and credit of the United States.The value of U.S. Treasury obligations will beadversely affected by decreases in bond pricesand increases in interest rates.

High Yield or “Junk” Securities. Your trustand/or certain funds held by your trust may investin high yield securities or unrated securities. Highyield, high risk securities are subject to greater mar-ket fluctuations and risk of loss than securities withhigher investment ratings. The value of these secu-rities will decline significantly with increases ininterest rates, not only because increases in ratesgenerally decrease values, but also because increasedrates may indicate an economic slowdown. An eco-nomic slowdown, or a reduction in an issuer’screditworthiness, may result in the issuer beingunable to maintain earnings at a level sufficient tomaintain interest and principal payments. Highyield or “junk” securities, the generic names forsecurities rated below “BBB” by Standard & Poor’sor “Baa” by Moody’s, are frequently issued by cor-porations in the growth stage of their developmentor by established companies who are highly lever-aged or whose operations or industries aredepressed. Securities rated below BBB or Baa areconsidered speculative as these ratings indicate aquality of less than investment grade. Because highyield securities are generally subordinated obliga-tions and are perceived by investors to be riskierthan higher rated securities, their prices tend tofluctuate more than higher rated securities and areaffected by short-term credit developments to agreater degree. The market for high yield securitiesis smaller and less liquid than that for investmentgrade securities. High yield securities are generallynot listed on a national securities exchange but


trade in the over-the-counter markets. Due to thesmaller, less liquid market for high yield securities,the bid-offer spread on such securities is generallygreater than it is for investment grade securities andthe purchase or sale of such securities may takelonger to complete.

Senior Loans. Certain funds held by yourtrust may invest in senior loans and similartransactions. Senior loans are issued by banks,other financial institutions and other investors tocorporations, partnerships, limited liability com-panies and other entities to finance leveragedbuyouts, recapitalizations, mergers, acquisitions,stock repurchases, debt refinancings and, to alesser extent, for general operating and other pur-poses. An investment by the funds in seniorloans and similar transactions involves risk thatthe borrowers under such transactions maydefault on their obligations to pay principal orinterest when due. Although senior loans may besecured by specific collateral, there can be noassurance that liquidation of collateral wouldsatisfy the borrower’s obligation in the event ofnon-payment or that such collateral could bereadily liquidated. Senior loans are typicallystructured as floating rate instruments in whichthe interest rate payable on the obligation fluctu-ates with interest rate changes. As a result, theyield on funds investing in senior loans will gen-erally decline in a falling interest rateenvironment and increase in a rising interest rateenvironment. Senior loans are generally belowinvestment grade quality and may be unrated atthe time of investment; are generally notregistered with the SEC or state securities com-missions; and are generally not listed on anysecurities exchange. In addition, the amount ofpublic information available on senior loans isgenerally less extensive than that available forother types of securities.

Convertible Securities. Certain funds held byyour trust may invest in convertible securities.Convertible securities generally offer lower inter-est or dividend yields than non-convertible fixedincome securities of similar credit quality becauseof the potential for capital appreciation. The

market values of convertible securities tend todecline as interest rates increase and, conversely,to increase as interest rates decline. However, aconvertible security’s market value also tends toreflect the market price of the common stock ofthe issuing company, particularly when that stockprice is greater than the convertible security’s“conversion price.” The conversion price isdefined as the predetermined price or exchangeratio at which the convertible security can beconverted or exchanged for the underlying com-mon stock. As the market price of theunderlying common stock declines below theconversion price, the price of the convertiblesecurity tends to be increasingly influencedmore by the yield of the convertible security.Thus, it may not decline in price to the sameextent as the underlying common stock. In theevent of a liquidation of the issuing company,holders of convertible securities would be paidbefore that company’s common stockholders.Consequently, an issuer’s convertible securitiesgenerally entail less risk than its common stock.However, convertible securities fall below debtobligations of the same issuer in order of prefer-ence or priority in the event of a liquidation andare typically unrated or rated lower than suchdebt obligations.

Mandatory convertible securities are distin-guished as a subset of convertible securitiesbecause the conversion is not optional and theconversion price at maturity is based solely uponthe market price of the underlying commonstock, which may be significantly less than par orthe price (above or below par) paid. For thesereasons, the risks associated with investing inmandatory convertible securities most closelyresemble the risks inherent in common stocks.Mandatory convertible securities customarily paya higher coupon yield to compensate for thepotential risk of additional price volatility andloss upon conversion. Because the market priceof a mandatory convertible security increasinglycorresponds to the market price of its underlyingcommon stock, as the convertible securityapproaches its conversion date, there can be no


assurance that the higher coupon will compen-sate for a potential loss.

Floating Rate Instruments. Certain fundsheld by your trust may invest in floatingrate securities. A floating rate security is aninstrument in which the interest rate payable onthe obligation fluctuates on a periodic basisbased upon changes in a benchmark, oftenrelated to interest rates. As a result, the yield onsuch a security will generally decline with nega-tive changes to the benchmark, causing the trustto experience a reduction in the income itreceives from such securities. A sudden and sig-nificant increase in the applicable benchmarkmay increase the risk of payment defaults andcause a decline in the value of the security.

Asset-Backed Securities. Certain funds held byyour trust may invest in asset-backed securities(“ABS”). ABS are securities backed by pools ofloans or other receivables. ABS are created frommany types of assets, including auto loans, creditcard receivables, home equity loans, and studentloans. ABS are issued through special purposevehicles that are bankruptcy remote from the issuerof the collateral. The credit quality of an ABStransaction depends on the performance of theunderlying assets. To protect ABS investors fromthe possibility that some borrowers could miss pay-ments or even default on their loans, ABS includevarious forms of credit enhancement. Some ABS,particularly home equity loan transactions, are sub-ject to interest rate risk and prepayment risk. Achange in interest rates can affect the pace of pay-ments on the underlying loans, which in turn,affects total return on the securities. ABS also carrycredit or default risk. If many borrowers on theunderlying loans default, losses could exceed thecredit enhancement level and result in losses toinvestors in an ABS transaction. Finally, ABS havestructure risk due to a unique characteristic knownas early amortization, or early payout, risk. Builtinto the structure of most ABS are triggers for earlypayout, designed to protect investors from losses.These triggers are unique to each transaction andcan include: a big rise in defaults on the underlyingloans, a sharp drop in the credit enhancement level,

or even the bankruptcy of the originator. Onceearly amortization begins, all incoming loan pay-ments (after expenses are paid) are used to payinvestors as quickly as possible based upon a prede-termined priority of payment.

Mortgage-Backed Securities. Certain fundsheld by your trust may invest in mortgage-backed securities. Mortgage-backed securities area type of ABS representing direct or indirect par-ticipations in, or are secured by and payablefrom, mortgage loans secured by real propertyand can include single- and multi-class pass-through securities and collateralized mortgageobligations. Mortgage-backed securities are basedon different types of mortgages, including thoseon commercial real estate or residential proper-ties. These securities often have stated maturitiesof up to thirty years when they are issued,depending upon the length of the mortgagesunderlying the securities. In practice, however,unscheduled or early payments of principal andinterest on the underlying mortgages may makethe securities’ effective maturity shorter than this.Rising interest rates tend to extend the durationof mortgage-backed securities, making themmore sensitive to changes in interest rates, andmay reduce the market value of the securities. Inaddition, mortgage-backed securities are subjectto prepayment risk, the risk that borrowers maypay off their mortgages sooner than expected,particularly when interest rates decline. This canreduce the funds’, and therefore your trust’s,returns because the funds may have to reinvestthat money at lower prevailing interest rates.

Restricted Securities. Certain funds held byyour trust may invest in securities that may onlybe resold pursuant to Rule 144A under the Secu-rities Act of 1933. Such securities may not bereadily marketable. Restricted securities may besold only to purchasers meeting certain eligibilityrequirements in privately negotiated transactionsor in a public offering with respect to whicha registration statement is in effect under theSecurities Act. Where registration of such securi-ties under the Securities Act is required, a fundmay be obligated to pay all or part of the


registration expenses and a considerable periodmay elapse between the time of the decision tosell and the time the fund may be permitted tosell a security under an effective registrationstatement. If, during such a period, adverse mar-ket conditions were to develop, the fund mightobtain a less favorable price than that which pre-vailed when it decided to sell.

Liquidity Risk. Liquidity risk is the risk thatthe value of a security will fall if trading in thesecurity is limited or absent. No one can guaran-tee that a liquid trading market will exist forany security.

Covered Call Option Strategies. Certainfunds held by your trust may invest using cov-ered call option strategies. You should understandthe risks of these strategies before you invest. Inemploying a covered call strategy, a closed-endfund will generally write (sell) call options on asignificant portion of the fund’s managed assets.These call options will give the option holder theright, but not the obligation, to purchase a secu-rity from the fund at the strike price on or priorto the option’s expiration date. The ability tosuccessfully implement the fund’s investmentstrategy depends on the fund adviser’s ability topredict pertinent market movements, which can-not be assured. Thus, the use of options mayrequire a fund to sell portfolio securities at inop-portune times or for prices other than currentmarket values, may limit the amount of apprecia-tion the fund can realize on an investment, ormay cause the fund to hold a security that itmight otherwise sell. The writer (seller) of anoption has no control over the time when it maybe required to fulfill its obligation as a writer(seller) of the option. Once an option writer(seller) has received an exercise notice, it cannoteffect a closing purchase transaction in order toterminate its obligation under the option andmust deliver the underlying security at the exer-cise price. As the writer (seller) of a covered calloption, a fund forgoes, during the option’s life,the opportunity to profit from increases in themarket value of the security underlying the calloption above the sum of the premium and the

strike price of the call option, but has retainedthe risk of loss should the price of the underly-ing security decline. The value of the optionswritten (sold) by a fund, which will be marked-to-market on a daily basis, will be affected bychanges in the value and dividend rates of theunderlying securities, an increase in interest rates,changes in the actual or perceived volatility ofsecurities markets and the underlying securitiesand the remaining time to the options’ expira-tion. The value of the options may also beadversely affected if the market for the optionsbecomes less liquid or smaller.

An option is generally considered “covered”if a fund owns the security underlying the calloption or has an absolute and immediate right toacquire that security without additional cash con-sideration (or, if required, liquid cash or otherassets are segregated by the fund) upon conver-sion or exchange of other securities held by thefund. In certain cases, a call option may also beconsidered covered if a fund holds a call optionon the same security as the call option written(sold) provided that certain conditions are met.By writing (selling) covered call options, a fundgenerally seeks to generate income, in the formof the premiums received for writing (selling) thecall options. Investment income paid by a fundto its shareholders (such as the trust) may bederived primarily from the premiums it receivesfrom writing (selling) call options and, to a lesserextent, from the dividends and interest it receivesfrom the equity securities or other investmentsheld in the fund’s portfolio and short-term gainsthereon. Premiums from writing (selling) calloptions and dividends and interest paymentsmade by the securities in a fund’s portfolio canvary widely over time.

Preferred Securities. Your trust and/or certainfunds held by your trust may invest in preferredsecurities including preferred stocks, trust preferredsecurities, subordinated or junior notes and deben-tures and other similarly structured securities.Preferred securities combine some of the character-istics of common stocks and bonds. Preferredsecurities generally pay fixed or adjustable rate


income in the form of dividends or interest toinvestors. Preferred securities generally have prefer-ence over common stock in the payment of incomeand the liquidation of a company’s assets. However,preferred securities are typically subordinated tobonds and other debt instruments in a company’scapital structure and therefore will be subject togreater credit risk than those debt instruments.Because of their subordinated position in the capi-tal structure of an issuer, the ability to deferdividend or interest payments for extended periodsof time without triggering an event of default forthe issuer, and certain other features, preferred secu-rities are often treated as equity-like instruments byboth issuers and investors, as their quality and valueare heavily dependent on the profitability and cashflows of the issuer rather than on any legal claimsto specific assets. Most retail-available preferredsecurities have a $25 par (or “face”) value but canalso have par values of $50 or $1,000. Preferredsecurities are often callable at their par value atsome point in time after their original issuancedate. Income payments on preferred securities aregenerally stated as a percentage of these par valuesalthough certain preferred securities provide forvariable or additional participation payments.

While some preferred securities are issuedwith a final maturity date, others are perpetual innature. In certain instances, a final maturity datemay be extended and/or the final payment ofprincipal may be deferred at the issuer’s optionfor a specified time without triggering an eventof default for the issuer. Preferred securities gen-erally may be subject to provisions that allow anissuer, under certain conditions, to skip (“non-cumulative” preferred securities) or defer(“cumulative” preferred securities) distributions.The issuer of a non-cumulative preferred securitydoes not have an obligation to make up anyarrearages to holders of such securities and non-cumulative preferred securities can deferdistributions indefinitely. Cumulative preferredsecurities typically contain provisions that allowan issuer, at its discretion, to defer distributionspayments for up to 10 years. If a preferredsecurity is deferring its distribution, investors

may be required to recognize income for tax pur-poses while they are not receiving any income. Incertain circumstances, an issuer of preferred secu-rities may redeem the securities during their life.For certain types of preferred securities, aredemption may be triggered by a change in fed-eral income tax or securities laws. As with callprovisions, a redemption by the issuer may nega-tively impact the return of the security. Preferredsecurity holders generally have no voting rightswith respect to the issuing company except invery limited situations, such as if the issuer failsto make income payments for a specified periodof time or if a declaration of default occurs andis continuing. Preferred securities may be sub-stantially less liquid than many other securities,such as U.S. government securities or commonstock. The federal income tax treatment of pre-ferred securities may not be clear or may besubject to recharacterization by the Internal Rev-enue Service. Issuers of preferred securities maybe in industries that are heavily regulated andthat may receive government funding. The valueof preferred securities issued by these companiesmay be affected by changes in governmentpolicy, such as increased regulation, ownershiprestrictions, deregulation or reducedgovernment funding.

Preferred stocks are a category of preferredsecurities that are typically considered equitysecurities and make income payments from anissuer’s after-tax profits that are treated as divi-dends for tax purposes. While they generallyprovide for specified income payments as apercentage of their par value, these paymentsgenerally do not carry the same set of guaranteesafforded to bondholders and have higher risks ofnon-payment or deferral.

Certain preferred securities may be issued bytrusts or other special purpose entities establishedby operating companies, and are therefore notdirect obligations of operating companies. At thetime a trust or special purpose entity sells its pre-ferred securities to investors, the trust or specialpurpose entity generally purchases debt of theoperating company with terms comparable to


those of the trust or special purpose entity secu-rities. The trust or special purpose entity, as theholder of the operating company’s debt, has pri-ority with respect to the operating company’searnings and profits over the operating company’scommon shareholders, but is typically subordi-nated to other classes of the operating company’sdebt. Distribution payments of trust preferredsecurities generally coincide with interest pay-ments on the underlying obligations.Distributions from trust preferred securities aretypically treated as interest rather than dividendsfor federal income tax purposes and therefore, arenot eligible for the dividends-received deductionor the lower federal tax rates applicable to quali-fied dividends. Trust preferred securities generallyinvolve the same risks as traditional preferredstocks but are also subject to unique risks,including risks associated with income paymentsonly being made if payments on the underlyingobligations are made. Typically, a trust preferredsecurity will have a rating that is below that ofits corresponding operating company’s seniordebt securities due to its subordinated nature.

Subordinated or junior notes or debenturesare securities that generally have priority to com-mon stock and other preferred securities in acompany’s capital structure but are subordinatedto other bonds and debt instruments in a com-pany’s capital structure. As a result, thesesecurities will be subject to greater credit riskthan those senior debt instruments and will notreceive income payments or return of principalin the event of insolvency until all obligations onsenior debt instruments have been made. Distri-butions from these securities are typically treatedas interest rather than dividends for federalincome tax purposes and therefore, are not eli-gible for the dividends-received deduction or thelower federal tax rates applicable to qualifieddividends. Investments in subordinated or juniornotes or debentures also generally involve riskssimilar to risks of other preferred securitiesdescribed above.

Real Estate Related Securities. Your trustand/or certain funds held by the trust may

invest in securities providing exposure to realestate investments. Risks associated with theownership of real estate include, among otherfactors, changes in general U.S., global and localeconomic conditions, decline in real estate values,changes in the financial health of tenants, over-building and increased competition for tenants,oversupply of properties for sale, changing demo-graphics, changes in interest rates, tax rates andother operating expenses, changes in governmentregulations, faulty construction and the ongoingneed for capital improvements, regulatory andjudicial requirements, including relating to liabil-ity for environmental hazards, changes inneighborhood values and buyer demand, and theunavailability of construction financing or mort-gage loans at rates acceptable to developers.

Real Estate Investment Trusts. Your trustand/or certain funds held by the trust may investin securities issued by real estate investmenttrusts (“REITs”). Many factors can have anadverse impact on the performance of a REIT,including its cash available for distribution, thecredit quality of the REIT or the real estateindustry generally. The success of a REITdepends on various factors, including the occu-pancy and rent levels, appreciation of theunderlying property and the ability to raise rentson those properties. Economic recession, over-building, tax law changes, higher interest rates orexcessive speculation can all negatively impactREITs, their future earnings and share prices.Variations in rental income and space availabilityand vacancy rates in terms of supply anddemand are additional factors affecting real estategenerally and REITs in particular. Propertiesowned by a REIT may not be adequately insuredagainst certain losses and may be subject to sig-nificant environmental liabilities, includingremediation costs. You should also be aware thatREITs may not be diversified and are subject tothe risks of financing projects. The real estateindustry may be cyclical, and, if REIT securitiesare acquired at or near the top of the cycle, thereis increased risk of a decline in value of theREIT securities. At various points in time,


demand for certain types of real estate mayinflate the value of real estate. This may increasethe risk of a substantial decline in the value ofsuch real estate and increase the risk of a declinein the value of the securities. REITs are also sub-ject to defaults by borrowers and the market’sperception of the REIT industry generally.Because of their structure, and a current legalrequirement that they distribute at least 90% oftheir taxable income to shareholders annually,REITs require frequent amounts of new funding,through both borrowing money and issuingstock. Thus, REITs historically have frequentlyissued substantial amounts of new equity shares(or equivalents) to purchase or build new proper-ties. This may adversely affect REIT equity sharemarket prices. Both existing and new share issu-ances may have an adverse effect on these pricesin the future, especially if REITs issue stockwhen real estate prices are relatively high andstock prices are relatively low.

Mortgage REITs engage in financing realestate, purchasing or originating mortgages andmortgage-backed securities and earning incomefrom the interest on these investments. SuchREITs face risks similar to those of other finan-cial firms, such as changes in interest rates,general market conditions and credit risk, inaddition to risks associated with an investment inreal estate.

MLPs. Your trust and/or certain funds heldby the trust may invest in master limited part-nerships (“MLPs”). MLPs are limited partnershipor limited liability companies that are generallytaxed as partnership whose interests are generallytraded on securities exchanges. An MLP consistsof a general partner and limited partners. Thegeneral partner manages the partnership, has anownership stake in the partnership and is eligibleto receive an incentive distribution. The limitedpartners provide capital to the partnership, havea limited (if any) role in the operation and man-agement of the partnership and receive cashdistributions. Unlike stockholders of acorporation, limited partners do not elect direc-tors annually and generally have the right to vote

only on certain significant events, such as merg-ers, a sale of substantially all of the partnershipassets, removal of the general partner or materialamendments to the partnership agreement. Lim-ited partners generally have first right to aminimum quarterly distribution prior to distri-butions to the convertible subordinated unitholders or the general partner (including incen-tive distributions) and typically have arrearagerights if the minimum quarterly distribution isnot met. Most MLPs generally operate in theenergy natural resources or real estate sector andare subject to the risks generally applicable tocompanies in those sectors. Those risks include,but are not limited to, commodity pricing risk,supply and demand risk, depletion risk andexploration risk. MLPs are also subject to therisk that authorities could challenge the taxtreatment of MLPs for federal income tax pur-poses which could have a negative impact on theafter-tax income available for distribution bythe MLPs and/or the value of yourtrust’s investments.

Derivatives Risk. Certain funds held by yourtrust may engage in transactions in derivatives.Derivatives are subject to counterparty risk whichis the risk that the other party in a transactionmay be unable or unwilling to meet obligationswhen due. Use of derivatives may increase vola-tility of a fund and the trust and reduce returns.Fluctuations in the value of derivatives may notcorrespond with fluctuations of underlying expo-sures. Unanticipated market movements couldresult in significant losses on derivative positionsincluding greater losses than amounts originallyinvested and potentially unlimited losses in thecase of certain derivatives. There are no assur-ances that there will be a secondary marketavailable in any derivative position which couldresult in illiquidity and the inability of a fund toliquidate or terminate positions as valued. Valua-tion of derivative positions may be difficult andincrease during times of market turmoil. Certainderivatives may be used as a hedge against othersecurities positions however hedging can be sub-ject to the risk of imperfect alignment and there


are no assurances that a hedge will be achieved asintended which can pose significant loss to afund and your trust. Recent legislation has calledfor significant increases to the regulation of thederivatives market. Regulatory changes and rule-making is ongoing and the full impact may notbe known for some time. This increased regula-tion may make derivatives more costly, limit theavailability of derivatives or otherwise adverselyaffect the value or performance of derivatives.Examples of increased regulation include, but arenot limited to the imposition of clearing andreporting requirements on transactions that fallwithin the definition of “swap” and “security-based swap”, increased recordkeeping andreporting requirements, changing definitional andregistration requirements, and changes to the waythat funds’ use of derivatives is regulated. Wecannot predict the effects of any new govern-mental regulation that may be implemented onthe ability of a fund to use any financial deriva-tive product, and there can be no assurance thatany new governmental regulation will notadversely affect a fund’s ability to achieve itsinvestment objective. The federal income taxtreatment of a derivative may not be as favorableas a direct investment in the asset that a deriva-tive provides exposure to which may adverselyimpact the timing, character and amount ofincome a fund realizes from its investment. Thetax treatment of certain derivatives is unsettledand may be subject to future legislation, regula-tion or administrative pronouncements.

Swaps. Certain funds held by your trust mayinvest in swaps. In addition to general risks asso-ciated with derivatives described above, swapagreements involve the risk that the party withwhom a fund has entered into the swap willdefault on its obligation to pay a fund and therisk that a fund will not be able to meet its obli-gations to pay the other party to the agreement.Swaps entered into by a fund may include, butare not limited to, interest rate swaps, totalreturn swaps and/or credit default swaps. In aninterest rate swap transaction, two partiesexchange rights to receive interest payments, such

as exchanging the right to receive floating ratepayments based on a reference interest ratefor the right to receive fixed rate payments. Inaddition to the general risks associated withderivatives and swaps described above, interestrate swaps are subject to interest rate risk andcredit risk. In a total return swap transaction,one party agrees to pay another party an amountequal to the total return on a reference asset dur-ing a specified period of time in return forperiodic payments based on a fixed or variableinterest rate or on the total return from a differ-ent reference asset. In addition to the generalrisks associated with derivatives and swapsdescribed above, total return swaps could resultin losses if the reference asset does not performas anticipated and these swaps can have thepotential for unlimited losses. In a credit defaultswap transaction, one party makes one or morepayments over the term of the contract to thecounterparty, provided that no event of defaultwith respect to a specific obligation or issuer hasoccurred. In return, upon any event of default,such party would receive from the counterparty apayment equal to the par (or other agreed-upon)value of such specified obligation. In addition togeneral risks associated with derivatives andswaps described above, credit default swapsinvolve special risks because they are difficult tovalue, are highly susceptible to liquidity andcredit risk, and generally pay a return to theparty that has paid the premium only in theevent of an actual default by the issuer of theunderlying obligation (as opposed to acredit downgrade or other indication of finan-cial difficulty).

Forward Foreign Currency Exchange Con-tracts. Certain funds held by your trust mayengage in forward foreign currency exchangetransactions. Forward foreign exchange transac-tions are contracts to purchase or sell a specifiedamount of a specified currency or multinationalcurrency unit at a price and future date set at thetime of the contract. Forward foreign currencyexchange contracts do not eliminate fluctuationsin the value of non-U.S. securities but rather


allow a fund to establish a fixed rate of exchangefor a future point in time. This strategy can havethe effect of reducing returns and minimizingopportunities for gain.

Indexed and Inverse Securities. Certain fundsheld by your trust may invest in indexed andinverse securities. In addition to general risksassociated with derivatives described above,indexed and inverse securities are subject to riskwith respect to the value of the particular index.These securities are subject to leverage risk andcorrelation risk. Certain indexed and inversesecurities have greater sensitivity to changes ininterest rates or index levels than other securities,and a fund’s investment in such instruments maydecline significantly in value if interest rates orindex levels move in a way a fund’s managementdoes not anticipate.

Futures. Certain funds held by your trust mayengage in futures transactions. In addition to gen-eral risks associated with derivatives describedabove, the primary risks associated with the use offutures contracts and options are (a) the imperfectcorrelation between the change in market value ofthe instruments held by a fund and the price of thefutures contract or option; (b) possible lack of aliquid secondary market for a futures contract andthe resulting inability to close a futures contractwhen desired; (c) losses caused by unanticipatedmarket movements, which are potentially unlim-ited; (d) the investment adviser’s inability to predictcorrectly the direction of securities prices, interestrates, currency exchange rates and other economicfactors; and (e) the possibility that the counterpartywill default in the performance of its obligations.While futures contracts are generally liquid instru-ments, under certain market conditions they maybecome illiquid. Futures exchanges may imposedaily or intra-day price change limits and/or limitthe volume of trading. Additionally, governmentregulation may further reduce liquidity throughsimilar trading restrictions.

Options. Certain funds held by your trustmay engage in options transactions. In additionto general risks associated with derivatives

described above, options are considered specula-tive. When a fund purchases an option, it maylose the premium paid for it if the price of theunderlying security or other assets decreased orremained the same (in the case of a call option)or increased or remained the same (in the case ofa put option). If a put or call option purchasedby a fund were permitted to expire withoutbeing sold or exercised, its premium would rep-resent a loss to a fund. To the extent that a fundwrites or sells an option, if the decline orincrease in the underlying asset is significantlybelow or above the exercise price of the writtenoption, a fund could experience substantial andpotentially unlimited losses.

Repurchase Agreement Risk. If the otherparty to a repurchase agreement defaults on itsobligation under such agreement, a fund maysuffer delays and incur costs or lose money inexercising its rights under the agreement. If theseller fails to repurchase the security under arepurchase agreement and the market value ofsuch security declines, such fund maylose money.

Short Sales Risk. Certain funds held by yourtrust may engage in short sales. Because makingshort sales in securities that it does not ownexposes a fund to the risks associated with thosesecurities, such short sales involve speculativeexposure risk. A fund will incur a loss as a resultof a short sale if the price of the securityincreases between the date of the short sale andthe date on which such fund replaces the securitysold short. A fund will realize a gain if the secu-rity declines in price between those dates. As aresult, if a fund makes short sales in securitiesthat increase in value, it will likely underperformsimilar funds that do not make short sales insecurities they do not own. There can be noassurance that a fund will be able to close out ashort sale position at any particular time or at anacceptable price. Although a fund’s gain is lim-ited to the amount at which it sold a securityshort, its potential loss is limited only by themaximum attainable price of the security, less theprice at which the security was sold. Short sale


transactions involve leverage because they canprovide investment exposure in an amountexceeding the initial investment. A fund may alsopay transaction costs and borrowing fees in con-nection with short sales.

Commodities. Certain funds held by yourtrust may have exposure to the commoditiesmarket. This exposure could expose such fundsand the trust to greater volatility than investmentin other securities. The value of investments pro-viding commodity exposure may be affected bychanges in overall market movements, commod-ity index volatility, changes in interest rates, orfactors affecting a particular industry or com-modity, such as drought, floods, weather,embargoes, tariffs and international economic,political and regulatory developments.

Money Market Securities. Certain funds heldby your trust may invest in money market secu-rities. If market conditions improve while a fundhas temporarily invested some or all of its assetsin high quality money market securities, thisstrategy could result in reducing the potentialgain from the market upswing, thus reducing afund’s opportunity to achieve its investmentobjective.

Legislation/Litigation. From time to time,various legislative initiatives are proposed in theUnited States and abroad which may have anegative impact on certain of the securities heldby your trust or underlying funds. In addition,litigation regarding any of the issuers of the secu-rities or of the industries represented by theseissuers may negatively impact the share prices ofthese securities. No one can predict what impactany pending or threatened litigation will have onthe share prices of the securities.

No FDIC Guarantee. An investment in yourtrust is not a deposit of any bank and is notinsured or guaranteed by the Federal DepositInsurance Corporation or any othergovernment agency.

CLOSED-END FUNDS

Closed-end funds are subject to various risks,including management’s ability to meet theclosed-end fund’s investment objective, and tomanage the closed-end fund portfolio whenthe underlying securities are redeemed or sold,during periods of market turmoil and as inves-tors’ perceptions regarding closed-end funds ortheir underlying investments change.

Shares of closed-end funds frequently tradeat a discount from their net asset value in thesecondary market. This risk is separate and dis-tinct from the risk that the net asset value ofclosed-end fund shares may decrease. Theamount of such discount from net asset value issubject to change from time to time in responseto various factors.

Certain of the closed-end funds included inyour trust may employ the use of leverage intheir portfolios through the issuance of preferredstock. While leverage often serves to increase theyield of a closed-end fund, this leverage also sub-jects the closed-end fund to increased risks.These risks may include the likelihood ofincreased volatility and the possibility that theclosed-end fund’s common share income will fallif the dividend rate on the preferred shares or theinterest rate on any borrowings rises. The use ofleverage may cause a closed-end fund to liquidateportfolio positions when it may not be advanta-geous to do so to satisfy its obligations or tomeet any required asset segregation requirements.

Certain closed-end funds held by your trustmay engage in borrowing. Borrowing may exag-gerate changes in the net asset value of a fund’sshares and in the return on a fund’s portfolio.Borrowing will cost a fund interest expense andother fees. The costs of borrowing may reduce afund’s return. Borrowing may cause a fund toliquidate positions when it may not be advanta-geous to do so to satisfy its obligations.

Certain closed-end funds held by your trustmay engage in securities lending. Securities lendinginvolves the risk that the borrower may fail to


return the securities in a timely manner or at all.As a result, a fund could lose money and there maybe a delay in recovering the loaned securities. Afund could also lose money if it does not recoverthe securities and/or the value of the collateral falls,including the value of investments made with cashcollateral. These events could trigger adverse taxconsequences for a fund.

Only the trustee may vote the shares of theclosed-end funds held in your trust. The trusteewill vote the shares in the same general proportionas shares held by other shareholders of each fund.Your trust may be required, however, to reject anyoffer for securities or other property in exchange forportfolio securities as described under “How theTrust Works—Changing Your Portfolio.”

HOW THE TRUST WORKS

Your Trust. Your trust is a unit investmenttrust registered under the Investment CompanyAct of 1940. We created your trust under a trustagreement between Advisors Asset Management,Inc. (as depositor/sponsor, evaluator and supervi-sor) and The Bank of New York Mellon (astrustee). To create your trust, we deposited secu-rities with the trustee (or contracts to purchasesecurities along with an irrevocable letter ofcredit or other consideration to pay for the secu-rities). In exchange, the trustee delivered units ofyour trust to us. Each unit represents an undi-vided interest in the assets of your trust. Theseunits remain outstanding until redeemed or untilyour trust terminates. At the close of theNew York Stock Exchange on your trust’s incep-tion date, the number of units may be adjustedso that the public offering price per unit equals$10. The number of units and fractional interestof each unit in your trust will increase ordecrease to the extent of any adjustment.

Changing Your Portfolio. Your trust is not amanaged fund. Unlike a managed fund, wedesigned your portfolio to remain relatively fixed.Your trust will generally buy and sell securities:

• to pay expenses,

• to issue additional units or redeemunits,

• to take actions in response to certaincorporate actions and other eventsimpacting portfolio securities,

• in limited circumstances to protectthe trust,

• to make required distributions oravoid imposition of taxes on thetrust,

• for the NASDAQ Q-50 IndexSM

Portfolio only, to invest on anongoing basis in substantially all ofthe stocks that comprise the trust’starget index and to replicate thecomposition of the index, or

• as permitted by the trust agreement.

When your trust sells securities, the compo-sition and diversification of the securities in theportfolio may be altered. If a public tender offerhas been made for a security or a merger, acqui-sition or similar transaction has been announcedaffecting a security, the sponsor may direct thetrustee to sell the security or accept a tenderoffer if the supervisor determines that the actionis in the best interest of unitholders. The trusteewill distribute any available cash proceedsto unitholders.

If an offer by the issuer of any of the portfo-lio securities or any other party is made to issuenew securities, or to exchange securities, for trustportfolio securities, the trustee will reject theoffer unless your trust is a “regulated investmentcompany” for tax purposes (see “EssentialInformation—Tax Structure” in the “InvestmentSummary” section for your trust in this prospec-tus). If your trust is a “regulated investmentcompany” for tax purposes and an offer by theissuer of any of the portfolio securities or anyother party is made to issue new securities, or toexchange securities, for trust portfolio securities,the trustee may either vote for or against, oraccept or reject, any offer for new or exchanged


securities or property in exchange for a trustportfolio security at the direction of the sponsor.

If any issuance, exchange or substitution ofnew or exchanged securities or property inexchange for a trust portfolio security occurs(regardless of any action or rejection by a trust),any securities and/or property received will bedeposited into the trust and will be promptlysold by the trustee pursuant to the sponsor’sdirection, unless the sponsor advises the trusteeto keep such securities or property.

If any contract for the purchase of securitiesfails, the sponsor will refund the cash and salesfee attributable to the failed contract to unithold-ers on or before the next distribution date unlesssubstantially all of the moneys held to cover thepurchase are reinvested in substitute securities inaccordance with the trust agreement. If yourtrust is a “regulated investment company” for taxpurposes, the sponsor may direct the reinvest-ment of security sale proceeds if the sale is thedirect result of serious adverse credit factorswhich, in the opinion of the supervisor, wouldmake retention of the securities detrimental tothe trust. In such a case, the sponsor may, but isnot obligated to, direct the reinvestment of saleproceeds in any other securities that meet thecriteria for inclusion in the trust on the trust’sinception date. The sponsor may also instructthe trustee to take action necessary to ensure thata portfolio continues to satisfy the qualificationsof a “regulated investment company” for tax pur-poses. Your trust will not participate in rightsofferings of closed-end funds, if any.

Notwithstanding the preceding discussion,the NASDAQ Q-50 IndexSM Portfolio will con-sist of as many of the securities in the trust’starget index as is feasible on an ongoing basis.This trust seeks to invest in no less than 95% ofthe securities comprising its target index. It maybe impracticable for the trust to own certain ofsuch securities at any time. Adjustments to theNASDAQ Q-50 IndexSM Portfolio to match theweightings of the securities as closely as is fea-sible with their weightings in this trust’s target

index will generally only be made at the time theindex itself is rebalanced, however, this trustreserves the right to do so as securities are soldto pay expenses or meet redemptions. Of course,there is no guarantee that this will always bepracticable. The excess proceeds from any salewill generally be invested in those securities thatare most under-represented in this trust. Changesin the index may occur as a result of merger oracquisition activity. In such cases, the NASDAQQ-50 IndexSM Portfolio, as a shareholder of anissuer which is the object of such merger oracquisition activity, will presumably receive vari-ous offers from potential acquirers of the issuer.This trust is not permitted to accept any suchoffers until such time as the issuer has beenremoved from the target index. Since, in mostcases, an issuer is removed from an index onlyafter the consummation of a merger or acquisi-tion, it is anticipated that this trust will generallyacquire, in exchange for the stock of the deletedissuer, the consideration that is being offered toshareholders of that issuer who have not tenderedtheir shares prior to that time. Any cash receivedas consideration in such transactions will be rein-vested in the most under-represented securities.Any securities received as consideration which arenot included in the target index will be sold assoon as practicable and will also be reinvested inthe most underrepresented securities. If the targetindex is no longer maintained, we may continueoperation of the NASDAQ Q-50 IndexSM Port-folio using the index as it existed on the last dateit was available or we may terminate this trust.

We will increase the size of your trust as wesell units. When we create additional units, wewill seek to replicate the existing portfolio to theextent practicable. When your trust buys securi-ties, it may pay brokerage or other acquisitionfees. You could experience a dilution of yourinvestment because of these fees and fluctuationsin security prices between the time we createunits and the time your trust buys the securities.When your trust buys or sells securities, we maydirect that it place orders with and pay brokerage


commissions to brokers that sell units or areaffiliated with us, your trust or the trustee.

Pursuant to an exemptive order, your trustmay be able to purchase securities from othertrusts that we sponsor when we create additionalunits. Your trust may also be able to sell securi-ties to other trusts that we sponsor to satisfy unitredemption, pay deferred sales charges orexpenses, in connection with periodic tax com-pliance or in connection with the termination ofyour trust. The exemption may enable each trustto eliminate commission costs on thesetransactions. The price for those securities will bethe closing price on the sale date on theexchange where the securities are principallytraded as certified by us to the trustee.

Amending the Trust Agreement. The sponsorand the trustee can change the trust agreementwithout your consent to correct any provisionthat may be defective or to make other provi-sions that will not materially adversely affectyour interest (as determined by the sponsor andthe trustee). We cannot change this agreement toreduce your interest in your trust without yourconsent. Investors owning two-thirds of the unitsin your trust may vote to change this agreement.

Termination of Your Trust. Your trust willterminate on the termination date set forthunder “Essential Information” in the “InvestmentSummary” section of this prospectus for yourtrust. The trustee may terminate your trust earlyif the value of the trust is less than 40% of theoriginal value of the securities in your trust atthe time of deposit. At this size, the expenses ofyour trust may create an undue burden on yourinvestment. Investors owning two-thirds of theunits in your trust may also vote to terminatethe trust early. The trustee will liquidate yourtrust in the event that a sufficient number ofunits not yet sold to the public are tendered forredemption so that the net worth of your trustwould be reduced to less than 40% of the valueof the securities at the time they were depositedin the trust. If this happens, we will refund anysales charge that you paid.

You will receive your final distributionwithin a reasonable time following liquidation ofall the securities after deducting final expenses.Your termination distribution may be less thanthe price you originally paid for your units.

The Sponsor. The sponsor of your trustis Advisors Asset Management, Inc. We area broker-dealer specializing in providingtrading and support services to broker-dealers,registered representatives, investment advisersand other financial professionals. Ourheadquarters are located at 18925 Base CampRoad, Monument, Colorado 80132. You cancontact our unit investment trust division at8100 East 22nd Street North, Building 800, Suite102, Wichita, Kansas 67226 or by using thecontacts listed on the back cover of this prospec-tus. AAM is a registered broker-dealer andinvestment adviser, a member of the FinancialIndustry Regulatory Authority, Inc. (FINRA) andSecurities Investor Protection Corporation(SIPC) and a registrant of the Municipal Securi-ties Rulemaking Board (MSRB). If we fail to orcannot perform our duties as sponsor or becomebankrupt, the trustee may replace us, continue tooperate your trust without a sponsor, or termi-nate your trust.

We and your trust have adopted a code ofethics requiring our employees who have accessto information on trust transactions to reportpersonal securities transactions. The purpose ofthe code is to avoid potential conflicts of interestand to prevent fraud, deception or misconductwith respect to your trust.

The sponsor or an affiliate may use the listof securities in your trust in its independentcapacity (which may include acting as an invest-ment adviser or broker-dealer) and distribute thisinformation to various individuals and entities.The sponsor or an affiliate may recommend oreffect transactions in the securities. This may alsohave an impact on the price your trust pays forthe securities and the price received upon unitredemption or trust termination. The sponsormay act as agent or principal in connection with


the purchase and sale of securities, includingthose held by your trust, and may act as a spe-cialist market maker in the securities. Thesponsor may also issue reports and make recom-mendations on the securities in your trust. Thesponsor or an affiliate may have participated in apublic offering of one or more of the securitiesin your trust. The sponsor, an affiliate or theiremployees may have a long or short position inthese securities or related securities. An officer,director or employee of the sponsor or an affili-ate may be an officer or director for the issuersof the securities.

The Trustee. The Bank of New York Mellonis the trustee of your trust with its principal unitinvestment trust division offices located at2 Hanson Place, 12th Floor, Brooklyn, New York11217. You can contact the trustee by calling thetelephone number on the back cover of this pro-spectus or by writing to its unit investment trustoffice. We may remove and replace the trustee insome cases without your consent. The trusteemay also resign by notifying us and investors.

How We Distribute Units. We sell units tothe public through broker-dealers and otherfirms. These distribution firms each receive partof the sales fee when they sell units. During theinitial offering period, the broker-dealer conces-sion or agency commission for broker-dealersand other firms is 1.25% of the public offeringprice per unit at the time of the transaction. Thebroker-dealer concession or agency commission is65% of the sales fee for secondary market sales.No broker-dealer concession or agency commis-sion is paid to broker-dealers, investment advisersor other selling firms in connection with unitsales in Fee Accounts subject to a Wrap Fee.

Broker-dealers and other firms that sell unitsof certain unit investment trusts for which AAMacts as sponsor are eligible to receive additionalcompensation for volume sales. The sponsoroffers two separate volume concession structuresfor certain trusts that are referred to as “VolumeConcession A” and “Volume Concession B.” Thetrusts offered in this prospectus are Volume Con-cession A trusts. Broker-dealers and other firms

that sell units of any Volume Concession A trustare eligible to receive the additional compensa-tion described below. Such payments will be inaddition to the regular concessions paid to firmsas set forth in the applicable trust’s prospectus.

The additional concession for sales in a cal-endar month is based on total initial offeringperiod sales of all Volume Concession A trustsduring the 12-month period through the end ofthe preceding calendar month as set forth in thefollowing table:

Initial Offering Period SalesIn Preceding 12 Months

VolumeConcession

$25,000,000 but less than $100,000,000 0.035%$100,000,000 but less than $150,000,000 0.050$150,000,000 but less than $250,000,000 0.075$250,000,000 but less than $1,000,000,000 0.100$1,000,000,000 but less than $5,000,000,000 0.125$5,000,000,000 but less than $7,500,000,000 0.150$7,500,000,000 or more 0.175

We will pay these amounts out of our ownassets within a reasonable time following eachcalendar month.

The volume concessions will be paid onunits of all Volume Concession A trusts sold inthe initial offering period, except as describedbelow. For a trust to be eligible for this addi-tional Volume Concession A compensation, thetrust’s prospectus must include disclosure relatedto the additional Volume Concession A compen-sation; a trust is not eligible for additionalVolume Concession A compensation if the pro-spectus for such trust does not include disclosurerelated to the additional Volume Concession Acompensation. In addition, dealer firms will notreceive volume concessions on the sale of unitswhich are not subject to a transactional salescharge. However, such sales will be included indetermining whether a firm has met the saleslevel breakpoints for volume concessions subjectto the policies of the related selling firm. Second-ary market sales of all unit trusts are excluded forpurposes of these volume concessions.

Any sales fee discount is borne by the broker-dealer or selling firm out of the broker-dealer


concession or agency commission. We reserve theright to change the amount of compensation paidto selling firms from time to time. Some broker-dealers and other selling firms may limit thecompensation they or their representatives receivein connection with unit sales. As a result, certainbroker-dealers and other selling firms may waive orrefuse payment of all or a portion of the regularconcession or agency commission and/or volumeconcession described above and instruct the sponsorto retain such amounts rather than pay or allow theamounts to such firm.

We currently may provide, at our ownexpense and out of our own profits, additionalcompensation and benefits to broker-dealers whosell units of your trust and our other products.This compensation is intended to result in addi-tional sales of our products and/or compensatebroker-dealers and financial advisors for pastsales. A number of factors are considered indetermining whether to pay these additionalamounts. Such factors may include, but are notlimited to, the level or type of services providedby the intermediary, the level or expected level ofsales of our products by the intermediary or itsagents, the placing of our products on a pre-ferred or recommended product list and access toan intermediary’s personnel. We may make thesepayments for marketing, promotional or relatedexpenses, including, but not limited to, expensesof entertaining retail customers and financialadvisors, advertising, sponsorship of events orseminars, obtaining information about the break-down of unit sales among an intermediary’srepresentatives or offices, obtaining shelf space inbroker-dealer firms and similar activities designedto promote the sale of our products. We makesuch payments to a substantial majority of inter-mediaries that sell our products. We may alsomake certain payments to, or on behalf of, inter-mediaries to defray a portion of their costsincurred for the purpose of facilitating unit sales,such as the costs of developing or purchasingtrading systems to process unit trades. Paymentsof such additional compensation described in thisparagraph and the volume concessions described

above, some of which may be characterized as“revenue sharing,” may create an incentive forfinancial intermediaries and their agents to sell orrecommend our products, including your trust,over other products. These arrangements will notchange the price you pay for your units.

We generally register units for sale in variousstates in the U.S. We do not register units forsale in any foreign country. This prospectus doesnot constitute an offer of units in any state orcountry where units cannot be offered or soldlawfully. We may reject any order for units inwhole or in part.

We may gain or lose money when we holdunits in the primary or secondary market due tofluctuations in unit prices. The gain or loss isequal to the difference between the price we payfor units and the price at which we sell orredeem them. We may also gain or lose moneywhen we deposit securities to create units. Theamount of our profit or loss on the initialdeposit of securities into your trust is shown inthe “Notes to Portfolio” section for your trust.

TAXES—REGULATED INVESTMENT COMPANIES

This section summarizes some of the mainU.S. federal income tax consequences of owningunits of your trust if your trust qualifies as a“regulated investment company” under federaltax laws. The tax structure of your trust is setforth under “Essential Information—Tax Struc-ture” in the “Investment Summary” section foryour trust in this prospectus.

This section is current as of the date of thisprospectus. Tax laws and interpretations changefrequently, and these summaries do not describeall of the tax consequences to all taxpayers. Forexample, these summaries generally do notdescribe your situation if you are a corporation, anon-U.S. person, a broker/dealer, or other inves-tor with special circumstances. In addition, thissection does not describe your state, local or for-eign tax consequences.


This federal income tax summary is based inpart on the advice of counsel to the sponsor. TheInternal Revenue Service could disagree with anyconclusions set forth in this section. In addition,our counsel was not asked to review, and has notreached a conclusion with respect to the federalincome tax treatment of the assets to be depos-ited in your trust. This may not be sufficient foryou to use for the purpose of avoiding penaltiesunder federal tax law.

As with any investment, you should seekadvice based on your individual circumstancesfrom your own tax advisor.

Trust Status. Your trust intends to qualify asa “regulated investment company” under the fed-eral tax laws. If your trust qualifies as a regulatedinvestment company and distributes its incomeas required by the tax law, your trust generallywill not pay federal income taxes. If your trustinvests in a partnership, an adverse federalincome tax audit of that partnership could resultin the trust being required to pay federal incometax or pay a deficiency dividend (without havingreceived additional cash).

Distributions. Trust distributions are gener-ally taxable. After the end of each year, you willreceive a tax statement that separates your trust’sdistributions into three categories: ordinaryincome distributions, capital gain dividends andreturn of capital. Ordinary income distributionsare generally taxed at your ordinary tax rate,however, as further discussed below, certain ordi-nary income distributions received from yourtrust may be taxed at the capital gains tax rates.Generally, you will treat all capital gain dividendsas long-term capital gains regardless of how longyou have owned your units. To determine youractual tax liability for your capital gain divi-dends, you must calculate your total net capitalgain or loss for the tax year after considering allof your other taxable transactions, as describedbelow. In addition, your trust may make distri-butions that represent a return of capital for taxpurposes and thus will generally not be taxableto you. A return of capital, although not initially

taxable to you, will result in a reduction in thebasis in your units and subsequently result inhigher levels of taxable capital gains in thefuture. In addition, if the non-dividend distribu-tion exceeds your basis in your units, you willhave long-term or short-term gain dependingupon your holding period. The tax status of yourdistributions from your trust is not affected bywhether you reinvest your distributions in addi-tional units or receive them in cash. The incomefrom your trust that you must take into accountfor federal income tax purposes is not reduced byamounts used to pay a deferred sales fee, if any.The tax laws may require you to treat distribu-tions made to you in January as if you hadreceived them on December 31 of the previousyear. Income from your trust may also be subjectto a 3.8 percent “medicare tax.” This tax gener-ally applies to your net investment income ifyour adjusted gross income exceeds certainthreshold amounts, which are $250,000 in thecase of married couples filing joint returns and$200,000 in the case of single individuals.

Dividends Received Deduction. A corpora-tion that owns units generally will not beentitled to the dividends received deduction withrespect to many dividends received from yourtrust because the dividends received deduction isgenerally not available for distributions fromregulated investment companies. However, cer-tain ordinary income dividends on units that areattributable to qualifying dividends received byyour trust from certain corporations may bereported by the trust as being eligible for thedividends received deduction.

Sale or Redemption of Units. If you sell orredeem your units, you will generally recognize ataxable gain or loss. To determine the amount ofthis gain or loss, you must subtract your tax basisin your units from the amount you receive in thetransaction. Your tax basis in your units is gener-ally equal to the cost of your units, generallyincluding sales charges. In some cases, however,you may have to adjust your tax basis after youpurchase your units.


Capital Gains and Losses and Certain Ordi-nary Income Dividends. If you are an individual,the maximum marginal stated federal tax rate fornet capital gain is generally 20% (15% or 0%for taxpayers with taxable incomes below certainthresholds). Some portion of your capital gaindividends may be subject to higher maximummarginal stated federal income tax rates. Someportion of your capital gain dividends may beattributable to the trust’s interest in a master lim-ited partnership which may be subject to amaximum marginal stated federal income tax rateof 28%, rather than the rates set forth above. Inaddition, capital gain received from assets heldfor more than one year that is considered “unre-captured section 1250 gain” (which may be thecase, for example, with some capital gains attrib-utable to equity interests in real estate investmenttrusts that constitute interests in entities treatedas real estate investment trusts for federal incometax purposes) is taxed at a maximum stated taxrate of 25%. In the case of capital gain divi-dends, the determination of which portion of thecapital gain dividend, if any, is subject to the28% tax rate or the 25% tax rate, will be madebased on rules prescribed by the United StatesTreasury. Capital gains may also be subject to the“medicare tax” described above.

Net capital gain equals net long-term capitalgain minus net short-term capital loss for thetaxable year. Capital gain or loss is long-term ifthe holding period for the asset is more than oneyear and is short-term if the holding period forthe asset is one year or less. You must excludethe date you purchase your units to determineyour holding period. However, if you receive acapital gain dividend from your trust and sellyour unit at a loss after holding it for six monthsor less, the loss will be recharacterized aslong-term capital loss to the extent of the capitalgain dividend received. The tax rates for capitalgains realized from assets held for one year orless are generally the same as for ordinaryincome. The Internal Revenue Code treats cer-tain capital gains as ordinary income in specialsituations.

Ordinary income dividends received by anindividual unitholder from a regulated invest-ment company such as your trust are generallytaxed at the same rates that apply to net capitalgain (as discussed above), provided certain hold-ing period requirements are satisfied andprovided the dividends are attributable to quali-fying dividends received by your trust itself.Distributions with respect to shares in real estateinvestment trusts are qualifying dividends only inlimited circumstances. Your trust will providenotice to its unitholders of the amount of anydistribution which may be taken into account asa dividend which is eligible for the capital gainstax rates.

In addition, some portion of the dividendson your units that are attributable to dividendsreceived by your trust from shares in real estateinvestment trusts may be designated by yourtrust as eligible for a deduction for qualifiedbusiness income, provided certain holding periodrequirements are satisfied.

In-Kind Distributions. Under certain cir-cumstances, as described in this prospectus, youmay receive an in-kind distribution of trust secu-rities when you redeem units or when your trustterminates. This distribution will be treated as asale for federal income tax purposes and you willgenerally recognize gain or loss, generally basedon the value at that time of the securities andthe amount of cash received. The InternalRevenue Service could however assert that a losscould not be currently deducted.

Rollovers and Exchanges. If you elect to haveyour proceeds from your trust rolled over into afuture trust, the exchange would generally beconsidered a sale for federal income tax purposes.

Treatment of Trust Expenses. Expensesincurred and deducted by your trust will gener-ally not be treated as income taxable to you. Insome cases, however, you may be required totreat your portion of these trust expenses asincome. You may not be able to deduct some orall of these expenses.


Foreign Tax Credit. If your trust invests inany foreign securities, the tax statement that youreceive may include an item showing foreigntaxes your trust paid to other countries. In thiscase, dividends taxed to you will include yourshare of the taxes your trust paid to other coun-tries. You may be able to deduct or receive a taxcredit for your share of these taxes.

Investments in Certain Foreign Corporations. Ifyour trust holds an equity interest in any “passiveforeign investment companies” (“PFICs”), whichare generally certain foreign corporations thatreceive at least 75% of their annual gross incomefrom passive sources (such as interest, dividends,certain rents and royalties or capital gains) or thathold at least 50% of their assets in investmentsproducing such passive income, the trust could besubject to U.S. federal income tax and additionalinterest charges on gains and certain distributionswith respect to those equity interests, even if all theincome or gain is timely distributed to its unithold-ers. Your trust will not be able to pass through toits unitholders any credit or deduction for suchtaxes. Your trust may be able to make an electionthat could ameliorate these adverse tax conse-quences. In this case, your trust would recognize asordinary income any increase in the value of suchPFIC shares, and as ordinary loss any decrease insuch value to the extent it did not exceed priorincreases included in income. Under this election,your trust might be required to recognize in a yearincome in excess of its distributions from PFICsand its proceeds from dispositions of PFIC stockduring that year, and such income would neverthe-less be subject to the distribution requirement andwould be taken into account for purposes of the4% excise tax. Dividends paid by PFICs are nottreated as qualified dividend income.

Foreign Investors. If you are a foreign inves-tor (i.e., an investor other than a U.S. citizen orresident or a U.S. corporation, partnership, estateor trust), you should be aware that, generally,subject to applicable tax treaties, distributionsfrom your trust will be characterized as dividendsfor federal income tax purposes (other than divi-dends which your trust properly reports as

capital gain dividends) and will be subject toU.S. income taxes, including withholding taxes,subject to certain exceptions described below.However, distributions received by a foreigninvestor from your trust that are properlyreported by your trust as capital gain dividendsmay not be subject to U.S. federal income taxes,including withholding taxes, provided that yourtrust makes certain elections and certain otherconditions are met. Distributions from your trustthat are properly reported by the trust as aninterest-related dividend attributable to certaininterest income received by the trust or as ashort-term capital gain dividend attributable tocertain net short-term capital gain incomereceived by the trust may not be subject to U.S.federal income taxes, including withholding taxeswhen received by certain foreign investors, pro-vided that the trust makes certain elections andcertain other conditions are met. In addition,distributions to, and the gross proceeds fromdispositions of units by, (i) certain non U.S.financial institutions that have not entered intoan agreement with the U.S. Treasury to collectand disclose certain information and are not resi-dent in a jurisdiction that has entered into suchan agreement with the U.S. Treasury and(ii) certain other non-U.S. entities that do notprovide certain certifications and informationabout the entity’s U.S. owners, may be subject toa U.S. withholding tax of 30%. However, pro-posed regulations may eliminate the requirementto withhold on payments of gross proceeds fromdispositions. You should also consult your taxadvisor with respect to other U.S. tax withhold-ing and reporting requirements.

EXPENSES

Your trust will pay various expenses to con-duct its operations. The “Fees and Expenses”section for each trust in this prospectus showsthe estimated amount of these expenses.

The sponsor will receive a fee from yourtrust for creating and developing the trust,including determining the trust’s objectives, poli-cies, composition and size, selecting service


providers and information services and for pro-viding other similar administrative andministerial functions. This “creation and develop-ment fee” is a charge of $0.05 per unit. Thetrustee will deduct this amount from your trust’sassets as of the close of the initial offeringperiod. No portion of this fee is applied to thepayment of distribution expenses or as compen-sation for sales efforts. This fee will not bededucted from proceeds received upon a repur-chase, redemption or exchange of units beforethe close of the initial public offering period.

Your trust will pay a fee to the trustee for itsservices. The trustee also benefits when it holdscash for your trust in non-interest bearingaccounts. Your trust will reimburse us as supervi-sor, evaluator and sponsor for providing portfoliosupervisory services, for evaluating your portfolioand for providing bookkeeping and administra-tive services. Our reimbursements may exceedthe costs of the services we provide to your trustbut will not exceed the costs of services providedto all of our unit investment trusts in any calen-dar year. All of these fees may adjust for inflationwithout your approval.

Your trust will also pay its general operatingexpenses. Your trust may pay expenses such astrustee expenses (including legal and auditingexpenses), various governmental charges, fees forextraordinary trustee services, costs of takingaction to protect your trust, costs of indemnify-ing the trustee and the sponsor, legal fees andexpenses, expenses incurred in contacting youand any applicable license fee for the use of cer-tain service marks, trademarks and/or tradenames. Your trust may pay the costs of updatingits registration statement each year. The trusteewill generally pay trust expenses from distribu-tions received on the securities but in some casesmay sell securities to pay trust expenses.

EXPERTS

Legal Matters. Chapman and Cutler LLPacts as counsel for your trust and has given anopinion that the units are validly issued. Dorsey &Whitney LLP acts as counsel for the trustee.

Independent Registered Public AccountingFirm. Grant Thornton LLP, independent regis-tered public accounting firm, audited thestatements of financial condition and the portfo-lios included in this prospectus.

ADDITIONAL INFORMATION

This prospectus does not contain all theinformation in the registration statement thatyour trust filed with the Securities and ExchangeCommission. The Information Supplement,which was filed with the Securities and ExchangeCommission, includes more detailed informationabout the securities in your portfolio, investmentrisks and general information about your trust.You can obtain the Information Supplement bycontacting us or the Securities and ExchangeCommission as indicated on the back cover ofthis prospectus. This prospectus incorporates theInformation Supplement by reference (it is legallyconsidered part of this prospectus).


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Sponsor and UnitholdersAdvisors Disciplined Trust 1934

Opinion on the financial statements

We have audited the accompanying statements of financial condition, including the trust portfolio on pages 4, 5, 10, 11, 15,16, 21, 22, 23, 27, 28, 29, 30, 33, 34, 38, 39, 40, 46, 47, 48, 56, 57, 58, 59, 65, 66, 67, 71, 72, 73, 74 and 75, of AdvisorsDisciplined Trust 1934 (the “Trust”) as of April 10, 2019, the initial date of deposit, and the related notes (collectively referredto as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financialposition of the Trust as of April 10, 2019, in conformity with accounting principles generally accepted in the United States ofAmerica.

Basis for opinion

These financial statements are the responsibility of Advisors Asset Management, Inc., the Sponsor. Our responsibility isto express an opinion on the Trust’s financial statements based on our audits. We are a public accounting firm registeredwith the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independentwith respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations ofthe Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and performthe audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whetherdue to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of its internal controlover financial reporting. As part of our audits we are required to obtain an understanding of internal control over financialreporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financialreporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whetherdue to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, ona test basis, evidence supporting the amounts and disclosures in the financial statements. Our audits also included evaluatingthe accounting principles used and significant estimates made by management, as well as evaluating the overall presentationof the financial statements. Our procedures included confirmation of cash or irrevocable letter of credit deposited for thepurchase of securities as shown in the statements of financial condition as of April 10, 2019 by correspondence with TheBank of New York Mellon, Trustee. We believe that our audits provide a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP

We have served as the auditor of one or more of the unit investment trusts, sponsored by Advisors Asset Management,Inc. and its predecessor since 2003.

Chicago, IllinoisApril 10, 2019


Advisors Disciplined Trust 1934

Statements of Financial Condition as of April 10, 2019 Angels PortfolioBrand FavoritesFocus Portfolio Bulldog Portfolio

Investment in securitiesContracts to purchase underlying securities (1)(2) . . . . . . . . . $196,867 $182,301 $215,043

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $196,867 $182,301 $215,043

Liabilities and interest of investorsLiabilities:

Organization costs (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 965 $ 893 $ 817Deferred sales fee (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,658 2,461 2,903Creation and development fee (4) . . . . . . . . . . . . . . . . . 984 912 1,075

4,607 4,266 4,795

Interest of investors:Cost to investors (5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196,867 182,301 215,043Less: initial sales fee (4)(5) . . . . . . . . . . . . . . . . . . . . . . . - - -Less: deferred sales fee, creation and development fee

and organization costs (3)(4)(5) . . . . . . . . . . . . . . . . . 4,607 4,266 4,795Net interest of investors . . . . . . . . . . . . . . . . . . . . . . . . . . 192,260 178,035 210,248Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $196,867 $182,301 $215,043

Number of units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,687 18,230 21,504

Net asset value per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.766 $ 9.766 $ 9.777


Statements of Financial Condition as of April 10, 2019

Cohen & SteersReal Estate

Income StrategyPortfolio

Global DividendStrategy Portfolio

Global TechnologyPortfolio

Investment in securitiesContracts to purchase underlying securities (1)(2) . . . . . . . . . . $154,771 $148,306 $148,635

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $154,771 $148,306 $148,635


Organization costs (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 758 $ 564 $ 728Deferred sales fee (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,089 2,002 2,007Creation and development fee (4) . . . . . . . . . . . . . . . . . 774 742 743

3,621 3,308 3,478

Interest of investors:Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154,771 148,306 148,635Less: initial sales fee (4)(5) . . . . . . . . . . . . . . . . . . . . . . . - - -Less: deferred sales fee, creation and development fee

and organization costs (3)(4)(5) . . . . . . . . . . . . . . . . . 3,621 3,308 3,478Net interest of investors . . . . . . . . . . . . . . . . . . . . . . . . . . 151,150 144,998 145,157Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $154,771 $148,306 $148,635

Number of units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,477 14,831 14,864

Net asset value per unit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.766 $ 9.777 $ 9.766

See Notes to Statements of Financial Condition on page 110.

(Continued)



Statements of Financial Condition as of April 10, 2019Inflation SensitiveDividend Portfolio

NASDAQ Q-50IndexSM Portfolio

StrategicHigh 50t/Q-50Dividend andGrowthPortfolio

Investment in securitiesContracts to purchase underlying securities (1)(2) . . . . . . . . . . . $148,398 $147,734 $148,273

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $148,398 $147,734 $148,273


Organization costs (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 727 $ 724 $ 727Deferred sales fee (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,003 1,994 2,002Creation and development fee (4) . . . . . . . . . . . . . . . . . . . . 742 739 741

3,472 3,457 3,470

Interest of investors:Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,398 147,734 148,273Less: initial sales fee (4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . - - -Less: deferred sales fee, creation and development fee

and organization costs (3)(4)(5) . . . . . . . . . . . . . . . . . . . . 3,472 3,457 3,470

Net interest of investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,926 144,277 144,803

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $148,398 $147,734 $148,273

Number of units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,840 14,773 14,827Net asset value per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.766 $ 9.766 $ 9.766


Statements of Financial Condition as of April 10, 2019

Todd InternationalIntrinsic ValuePortfolio

TransformersStrategyPortfolio

Investment in securitiesContracts to purchase underlying securities (1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $148,359 $346,636

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $148,359 $346,636


Organization costs (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 727 $ 1,699Deferred sales fee (4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,003 4,680Creation and development fee (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 742 1,733

3,472 8,112

Interest of investors:Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,359 346,636Less: initial sales fee (4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - -Less: deferred sales fee, creation and development fee

and organization costs (3)(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,472 8,112Net interest of investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,887 338,524Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $148,359 $346,636

Number of units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,836 34,664

Net asset value per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.766 $ 9.766

See Notes to Statements of Financial Condition on page 110.

(Continued)


Notes to Statements of Financial Condition

(1) Aggregate cost of the securities is based on the closing sale price evaluations as determined by the evaluator.

(2) Cash or an irrevocable letter of credit has been deposited with the trustee covering the funds necessary for the purchase of securities ineach trust represented by purchase contracts.

(3) A portion of the public offering price represents an amount sufficient to pay for all or a portion of the costs incurred in establishing thetrusts. These costs have been estimated at $0.049 per unit for the Angels Portfolio, Brand Favorites Focus Portfolio, Cohen & Steers RealEstate Income Strategy Portfolio, Global Technology Portfolio, Inflation Sensitive Dividend Portfolio, NASDAQ Q-50 IndexSM Portfolio,Strategic High 50T/Q-50 Dividend and Growth Portfolio, Todd International Intrinsic Value Portfolio and Transformers Strategy Portfolioand $0.038 per unit for the Bulldog Portfolio and Global Dividend Strategy Portfolio. A distribution will be made as of the earlier ofthe close of the initial offering period or six months following the trust’s inception date to an account maintained by the trustee fromwhich this obligation of the investors will be satisfied. To the extent the actual organization costs are greater than the estimated amount,only the estimated organization costs added to the public offering price will be reimbursed to the sponsor and deducted from the assetsof the trust.

(4) The total sales fee consists of an initial sales fee, a deferred sales fee and a creation and development fee. The initial sales fee is equal tothe difference between the maximum sales fee and the sum of the remaining deferred sales fee and the total creation and developmentfee. The maximum sales fee is 1.85% of the public offering price per unit. The deferred sales fee is equal to $0.135 per unit and the creationand development fee is equal to $0.05 per unit.

(5) The aggregate cost to investors includes the applicable sales fee assuming no reduction of sales fees.


ContentsInvestment Summary

A concise descriptionof essential informationabout the portfolio

2 Angels Portfolio6 Brand Favorites Focus Portfolio12 Bulldog Portfolio17 Cohen & Steers Real Estate

Income Strategy Portfolio24 Global Dividend Strategy

Portfolio31 Global Technology Portfolio35 Inflation Sensitive Dividend

Portfolio41 NASDAQ Q-50 IndexSM Portfolio50 Strategic High 50t/Q-50

Dividend and Growth Portfolio62 Todd International Intrinsic

Value Portfolio68 Transformers Strategy Portfolio

Understanding Your Investment

Detailed information tohelp you understandyour investment

76 How to Buy Units79 How to Sell Your Units80 Distributions81 Investment Risks97 Closed-End Funds98 How the Trust Works102 Taxes — Regulated Investment

Companies105 Expenses106 Experts106 Additional Information107 Report of Independent Registered

Public Accounting Firm108 Statements of Financial Condition

Where to Learn More

You can contact us forfree information aboutthis and other investments,including the InformationSupplement

Visit us on the Internethttp://www.AAMlive.comCall Advisors AssetManagement, Inc.(877) 858-1773Call The Bank of New York Mellon(800) 848-6468

Additional Information

This prospectus does not contain all information filed with the Securitiesand Exchange Commission. To obtain or copy this information includingthe Information Supplement (a duplication fee may be required):

E-mail: [email protected]: Public Reference Section

Washington, D.C. 20549Visit: http://www.sec.gov

(EDGAR Database)Call: 1-202-551-8090

(only for information on the operation of thePublic Reference Section)

Refer to:Advisors Disciplined Trust 1934Securities Act file number: 333-229297Investment Company Act file number: 811-21056

ANGELS PORTFOLIO, SERIES 2019-2Q

BRAND FAVORITES FOCUS PORTFOLIO,SERIES 2019-2Q

BULLDOG PORTFOLIO, SERIES 2019-2Q —A CYRUS J. LAWRENCE LLC (“CJL”) PORTFOLIO

COHEN & STEERS REAL ESTATE INCOMESTRATEGY PORTFOLIO, SERIES 2019-2Q

GLOBAL DIVIDEND STRATEGY PORTFOLIO,SERIES 2019-2Q — A HARTFORD INVESTMENTMANAGEMENT COMPANY (“HIMCO”) PORTFOLIO

GLOBAL TECHNOLOGY PORTFOLIO,SERIES 2019-2Q

INFLATION SENSITIVE DIVIDEND PORTFOLIO,SERIES 2019-2Q — A HARTFORD INVESTMENTMANAGEMENT COMPANY (“HIMCO”) PORTFOLIO

NASDAQ Q-50 INDEXSM PORTFOLIO,SERIES 2019-2Q

STRATEGIC HIGH 50t/Q-50 DIVIDEND AND

GROWTH PORTFOLIO, SERIES 2019-2Q

TODD INTERNATIONAL INTRINSIC VALUEPORTFOLIO, SERIES 2019-2Q

TRANSFORMERS STRATEGY PORTFOLIO,SERIES 2019-2Q

PROSPECTUS

APRIL 10, 2019

Angels Portfolio, Series 2019-2Q Bulldog Portfolio, Series ... · 90 WBA Walgreens Boots Alliance,...

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